The Bascom Group has acquired Torrance, California-based Corona Del Norte, an apartment community. The price of the transaction is $6.3 million. East West Bank provided Bascom with an acquisition loan to finance the acquisition.
IRVINE, Calif., Oct. 18, 2018 /PRNewswire/ — The Bascom Group, LLC (“Bascom”) has acquired Corona Del Norte (“Del Norte”), a 29-unit infill apartment community located in the desirable South Bay submarket in Torrance, California. The $6.3 million sale ($217,241/unit) closed on October 12, 2018. Steffan Braunlich with Berkadia Real Estate Advisors brokered the sale. East West Bank provided Bascom with an acquisition loan to finance the purchase. James D’Argenio and Chang Liu sourced and managed the acquisition for Bascom.
Del Norte is less than five miles from the Pacific Ocean and located near several interstates that provide outstanding local and regional access, including Interstate 405, 110, 710, 105, and Pacific Coast Highway. Significant employers within a 30-minute commute from Del Norte include Honda North America, Boeing Satellite Systems, Raytheon, AT&T Entertainment Group, Harbor-UCLA Medical Center, Xerox, Mattel, and the Port of Los Angeles. Toyota’s former 110-acre corporate campus, located a few blocks from Del Norte, recently sold to a commercial real estate operator who is planning a major redevelopment.
James D’Argenio, Senior Principal with Bascom, comments “We jumped on this opportunity once it hit the market. The seller was the original developer who took great pride in physically maintaining the asset. We are inheriting the property with 40% of the units vacant, so we can efficiently modernize a bulk of the interiors while enhancing the exterior and overall community.”
Lee Nguyen, Senior Vice President of Operations for Bascom, comments “The South Bay region continues to be a strong draw to younger generations of tenants. To appeal to this group, we plan to give a modern update to the unit interiors and property exterior. Del Norte presents a strong value-add opportunity in a location we are very excited about.”
Del Norte marks Bascom’s 38th multifamily property closed in Los Angeles County and its 173rd multifamily property closed in California. Over the past twelve months Bascom has acquired $1.3 billion in multifamily properties throughout the United States.
About Bascom: The Bascom Group, LLC is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Bascom has completed over $15.5 billion in multifamily and commercial value-added transactions since 1996 including more than 314 multifamily properties containing over 84,000 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom’s subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Venture Partners, Bascom Milestone Ventures, and the Realm Group. Bascom’s subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the U.S. For additional information, please visit www.bascomgroup.com.