November 15, 2016
Irvine, CA-based The Bascom Group acquired Hillside Terrace, a 32-unit apartment community located in Vista, CA for $6.2 million from an affiliate of San Diego-based Melroy Investments Inc.
Built in 1988, the four apartment buildings are terraced along a slope just off one of Vista’s major thoroughfares at 322 Hillside Ter. The terracing of buildings, along with the limited number of units per building, gives each home a private, condo-like feel.
Bascom’s Lee Nguyen says, “We’re acquiring a well located, stabilized building that is ready for renovations in an expanding north San Diego economy. Our San Diego projects have performed well over the years, so we are excited about the project.”
Meridian Capital’s Olga Alworth arranged the debt financing, and San Diego Private Bank provided the new loan. ACRE’s Rita Lancaster-Hannah represented Bascom. The seller was self-represented.
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