January 20, 2017
Irvine, CA-based The Bascom Group acquired Laurel Tree, a 36-unit apartment community in Fontana, CA for nearly $5.3 million. The sale represents a price of $145,833 per unit, or $160.71 per square foot.
Built in 1989, the more than 2.5-acre property offers residents a low-density living community in a central Inland Empire location, with easy access to key employment centers. The property’s unit mix is dominated by spacious three bedroom units, offering a single-family type floor plan unique to the submarket.
Marcus & Millichap’s Reza Ghaffari and Brendon Guichet represented both the buyer and undisclosed private investor in the transaction. Manufacturer’s Bank provided the new loan. James D’Argenio sourced and managed the transaction for Bascom.
D’Argenio notes, “With 80% three bedroom units onsite, Laurel Tree is well positioned to attract young professionals and families seeking quality, rental housing.”
For comments, questions or concerns, please contact Dennis Kaiser