FRESNO, CA – The Bascom Group continued its multi-family acquisition spree by acquiring two more apartment communities in the Central Valley. The Casa de Luna and Casa del Sol apartments are located in Fresno, CA, and mark Bascom’s 25th multi-family acquisition in the Central Valley and 130th in California. Bascom bought the 236-unit wallet for $44,500,000, or $188,559 per unit.
California Bank & Trust provided debt financing for the acquisition and was arranged by Charles Halladay, Annie Rice and Jamie Kline of JLL Capital Markets. SD Cap will provide construction management services and Apartment Management Consultants (AMC) will provide property management services.
The communities were built in 1967 and 2006 with an abundance of amenities and ideal features desired by today’s renters. Each property features a pool and fitness center paired with oversized floor plans and a mix of units that are 76% two- and three-bedroom floor plans. Unit interiors are either in original condition or have received only minor upgrades, presenting a tremendous opportunity to upgrade properties.
Bascom Sr. Principal, Lee Nguyen, says, “We have seen a strong demand for remodeled apartments in the Fresno market over the past few years. Casa de Luna and Casa del Sol will undergo renovations targeting the interior, exterior and amenities of the units. The targeted renovation plan will present tenants with a variety of interior finish levels and price points. The properties will offer best-in-class apartments at attractive prices, providing tenants with relative value compared to more expensive properties in the area. , we plan to rebrand the communities with new names, signage and new marketing materials. »
Casa de Luna and Casa del Sol are located in the Central Valley, an area known for its low cost of living, high quality of life and favorable business atmosphere. Apartment fundamentals have been strong in Fresno, spurred by population growth of more than 25% since 2000. Bascom Senior Vice President and Chief Acquisition Officer Jim Singleton adds, “Fresno has experienced phenomenal growth over the past the past decade, and we are excited to continue investing in the community. Fresno’s driving industries like healthcare, information technology, and logistics, which complement Fresno’s robust agricultural activity, have attributed to Fresno’s economic prosperity and high apartment occupancy.
Bascom has been one of the most active buyers of apartments in California and the Central Valley, partnering with institutional and private capital. Prior to purchasing Casa de Luna and Casa del Sol, Bascom had acquired 128 multifamily properties and 20,537 units in California, including 23 properties and 3,521 units located in the Central Valley. Over the past year, Bascom has completed approximately $1 billion in multi-family acquisitions nationwide.