April 5, 2017
The Bascom Group, LLC acquired Villas at Tustin Apartments, a 406-unit infill apartment community in Santa Ana, CA from an undisclosed seller for $94 million. The 98.5% occupied property is a strong value-add opportunity for the Irvine, CA-based multifamily investor-operator.
Villas at Tustin was constructed in 1972, and is located at 2414 N. Tustin Ave. Bascom plans to “modernize Villas at Tustin’s interiors and exteriors,” in order to better compete with newly-constructed Class A properties in the market.
HFF’s Sean Deasy and Ryan Fitzpatrick brokered the sale. HFF’s Charles Halladay and Jamie Kline arranged the $66.5-million loan with California Bank & Trust.
Villas at Tustin marks Bascom’s 21st multifamily property closed in Orange County, and its 166th multifamily property closed in California. Over the past 12 months, Bascom has acquired $1.3 billion in multifamily properties throughout the U.S.
For comments, questions or concerns, please contact Dennis Kaiser