July 5, 2016
Irvine, CA-based Bascom Group and Newport Beach, CA-based Village Partners formed a joint-venture aimed at securing $200 million in acquisitions over the next four years. The new venture is targeting transit-oriented and mixed-use multifamily developments throughout Southern California.
So far, the group has a six-acre TOD site under contract along the 210 San Gabriel Valley tech corridor, and is negotiating for another site in north Orange County.
Bascom is one of the most active multifamily investors and operators in the U.S. Village Partners was formed by Don Henry and Michael Morris, two former CRE leaders at Lincoln Property Co., Legacy Partners and Related Cos.
The partners indicated they like the mixed-use and TOD categories because of limited development options, historically low vacancy rates and increasing rental rates, due to strong demand.