The Bascom Group LLC has acquired Anaheim Hills, California-based Sleepy Hollow Apartments, an apartment community. The price of the acquisition was $7.54 million. Manufacturers Bank worked with Bascom on the debt financing.
IRVINE, Calif., June 20, 2018 /PRNewswire/ — The Bascom Group, LLC (“Bascom”) has acquired Sleepy Hollow Apartments, a 25-unit infill apartment community located in the sought-after community of Anaheim Hills, California. The $7,540,000 acquisition ($301,600/Unit or $285.00/SF) closed on June 15, 2018. Bascom arranged the debt financing with Manufacturers Bank. The sale was brokered by Scott Parker and Spencer Heichman of Triqor Group. James D’Argenio and Chang Liu sourced and managed the transaction for Bascom.
Built in 1964, Sleepy Hollow is a 25-unit single-story community offering a unique, low-density living experience in a highly desirable infill location. The unit mix consists of two and three-bedroom units averaging over 1,000 square feet. Sleepy Hollow is nestled in Anaheim Hills, adjacent to Villa Park, with single family home values ranging from $1,000,000 to $2,000,000 within one mile. Sleepy Hollow’s proximity to critical transportation thoroughfares offers convenient access to major employment and recreation centers. With original interior finishes and ample amenity space, the Property presents an exciting opportunity to reposition the asset.
James D’Argenio, Senior Principal of Bascom, comments “We offered the seller a long escrow period to accommodate their exchange needs. It worked well because we believe acquiring 25 units, all two and three bedrooms, on two acres of land offers residents a unique rental housing option.”
Lee Nguyen, Senior Vice President of Operations for Bascom, comments “We are excited about the Sleepy Hollow acquisition due its value-add potential, low-density, and Anaheim Hills location.”
Since 1998, Bascom and its affiliates have acquired 314 multifamily properties throughout the United States, totaling 82,557 units and currently holds 18,305 units in its portfolio. Sleepy Hollow Bascom’s 171th multifamily property closed in California. Over the past twelve months Bascom has completed over $1.0 billion in multifamily transactions 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 billion in multifamily and commercial value-added transactions since 1996 including more than 314 multifamily properties containing over 82,000 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.