The Bascom Group LLC has acquired Torrance, California-based Harvard Villa Apartments, an apartment community. The price of the acquisition was $14 million.
IRVINE, Calif., May 3, 2017 /PRNewswire/ — The Bascom Group, LLC (“Bascom”) has acquired Harvard Villa Apartments (“Harvard Villa”), a 64-unit infill apartment community located in the desirable South Bay Los Angeles city of Torrance, California. The $14.0 million sale ($218,750/unit) closed on April 27, 2017. Hooman Emanuel of Emanuel Real Estate Group represented the buyer. Erich Pryor, Eric Snyder, and Thomas Sherlock with Talonvest Capital arranged the $11.45 million loan from TCF National Bank. James D’Argenio and Chang Liu sourced and managed the acquisition for Bascom.
Harvard Villa 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 Harvard Villa 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 block from Harvard Villa, is currently being marketed for sale. Several major technology and automotive companies have been pursuing the site, including Amazon, Tesla, and Space X.
James D’Argenio, Senior Principal with Bascom, comments “Harvard Villa was a rare off-market acquisition opportunity with tremendous operational and physical upside. The seller was a long-term, private owner. Bringing in professional third party management will boost resident services immediately. We are excited about the area’s potential for job creation and revitalization when Toyota’s campus is sold, redeveloped, and occupied with a new user.”
Harvard Villa marks Bascom’s 37th multifamily property closed in Los Angeles County and its 167th multifamily property closed in California. Over the past 12 months Bascom has acquired $1.3 billion in multifamily properties throughout the United States.
Lee Nguyen, Senior Vice President of 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. Harvard Villa presents a strong value-add opportunity in a location we are very excited about.”
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 $13 billion in multi-family and commercial value-added transactions since 1996 including more than 307 multifamily properties containing over 80,000 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, 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.