BWV W. Katella LLC, a joint venture between Branch West and Bascom, has acquired a mid-rise multifamily development site in Orange, Calfornia. No financial terms were disclosed.
NEWPORT BEACH, Calif., April 8, 2019 /PRNewswire/ — BWV W. Katella, LLC (“BWV”) a joint venture between Branch West Real Estate Partners, LLC (“Branch West”) of Newport Beach, California and The Bascom Group, LLC (“Bascom”) of Irvine, California, has acquired a 1.1-acre parcel of land located at 1725 West Katella Avenue, Orange California 92867. The sale closed on March 22, 2019. The site is entitled and planned for the development of a five-story, 94-unit mid-rise multifamily community.
Bellwether’s capital team, led by Tom Kenny and Josh Boehling, secured preferred equity from Marble Capital out of Houston, Texas and a construction senior loan from the Bank of the West for construction of the project.
The project consists of a to-be-built five story, 94-unit multi-family development. The project is Class A and features a courtyard with a “spool,” fitness center, club room and roof deck to observe Disneyland fireworks. The design sets itself apart from existing projects by focusing on material choice, combining sophisticated boutique-inspired gestures with a rustic industrial palette. The location is superb, adjacent to the Stadium Promenade and near the Honda Center (Ducks/NHL), Anaheim Stadium (Angels/MLB).
The site is adjacent to the Stadium Promenade Shopping Center, which includes Cinemark Century Theatres, Starbucks, Lazy Dog Café, King’s Fish House, Prime Cut Café, The Pint House, Old Crow Smokehouse, and several other popular restaurants. The property is also in walking distance to the Honda Center (Ducks/NHL), Anaheim Stadium (Angels/MLB), and The Grove of Anaheim (entertainment venue). Walkability to retail and entertainment amenities is highly sought after in the marketplace, with very few properties offering this amenity. The property enjoys convenient access to the CA‐57, CA‐55, CA‐22, and I‐5 freeways, all accessed within a few miles of the subject.
Further, the Anaheim Regional Transportation Intermodal Center (ARTIC) is located less than 1 mile west and provides rail, bus, taxi and other transportation services for daily commuters. Other nearby notable locations include: Old Towne Orange, Chapman University (enrollment approximately 8,500 students), Disneyland Resort area, and Main Place Shopping Center.
“We are so pleased to be working in the City of Orange whose city leaders provided the original vision for the Western Gateway into the city from the professional stadium area, the opportunity has provided us a tremendous canvas to develop a boutique residential community where residents can enjoy adjacency to so many retail and entertainment venues,” Perozzi said.
Branch West’s target market will be well-educated young professionals and couples who work in the nearby job centers, and want proximity to work, social nightlife and services. The immediate North Orange County area is home to the Anaheim Canyon Business District (72,000+ jobs), Anaheim Resort District (40,000+ jobs), and the Orange Medical Cluster (11,750+ jobs) – Orange County’s highest concentration of healthcare jobs. The Platinum Triangle is a booming and trendy location with an abundance of nearby entertainment options and proximity to the Anaheim Resort District. More specifically, the subject benefits from excellent walkability and ease of access, compared to properties within the Platinum Triangle.
About Branch West: Branch West Real Estate Partners, LLC will serve at the managing member. The owner of the entity is Mr. Perozzi. Mr. Perozzi has over 20 years of experience as a multifamily developer. He has a broad knowledge of land acquisition, design, construction, stabilization and finance. Prior to starting this venture, Mr. Perozzi served as Managing Director of multifamily development for smaller a high net worth family run investment firm. Mr. Perozzi began his career at Trammell Crow Residential, one of the pre-eminent national apartment development platforms, where he was responsible for sourcing and executing the firm’s Southern California development business.
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.