Add Irvine-based Bascom Group LLC to the growing list of Orange County real estate companies spending big in the Bay Area recently.
The apartment investor said it paid $45.1 million for Bridgecourt Apartments, a 220-unit multifamily community in Emeryville. The deal works out to a price of $205,000 per unit for the complex, which is about two miles from downtown Oakland and a block from the headquarters of Pixar Animation Studios.
Bascom bought the 17-year-old property in a venture with Carlyle Realty Partners of Washington, D.C. The complex also has five ground-floor retail spaces.
The buyers got a $40.6 million loan from California Bank & Trust to fund the purchase.
The complex has “access to strong job centers, local retail, and access to Bay Area public transportation,” Bascom Principal Chad Sanderson said in a statement.
It offers tenants a great urban location with attractive rents when compared to downtown San Francisco and many other nearby locations, he added.
Lyon Land
A pair of local apartment developers recently took part in their own Northern California land deal just outside San Jose.
Lyon Communities in Newport Beach paid a reported $22 million for a 5-acre development site in Milpitas, just across the street from the Great Mall of Milpitas shopping center.
Integral Communities, also based in Newport Beach, was the seller, according to the Silicon Valley Business Journal, which first reported the transaction.
Lyon Communities could build up to 371 apartment units on the site. The company has development experience in the area; about two years ago it opened Apex Apartments, a 366-unit complex, in Milpitas. It sold the property last year to Palo Alto-based Essex Property Trust Inc. for a reported $150 million, or $410,000 per unit.
Lyon Communities and Integral have worked together on other apartment development deals, including the recently built upscale Marke complex in the South Coast Metro area of Santa Ana. A complex in the Platinum Triangle in Anaheim involving both companies also is in the works.
Integral has another big portfolio of land in Milpitas totaling 26 acres that’s on the market for sale. The land could hold about 2,700 units if it’s built out, according to the Silicon Valley Business Journal.
Lyon Communities started up more than 25 years ago as a venture between Gen. William Lyon, founder of longtime area homebuilding company William Lyon Homes, and Frank Suryan Jr., chairman and chief executive of the apartment developer and owner.
Red Gum Sale
Los Angeles-based Rexford Industrial Realty Inc. snapped up a single-user industrial building in Anaheim for $7.7 million.
The real estate investment trust purchased 1210 N. Red Gum St., a 64,570-square-foot property a few blocks from the intersection of the Orange (57) and Riverside (91) freeways, in an off-market transaction.
The deal works out to a price of $119 per square foot for the facility, which is leased to Power Plus, a company that rents power generators and other products. The property was sold by a family trust.
It provides “opportunities for modernization and upgrades to drive occupancy and increase cash returns upon renewal or releasing,” Rexford officials said in a statement.
Garrett McClelland of brokerage JLL represented Rexford in the purchase.
Rexford said it has spent more than $52 million on Southern California properties since the start of the year.
Correction
Shopoff Realty Investments in Irvine was involved in the largest industrial deal of last year with the sale of buildings that encompass part of the Uptown Newport mixed-use development in Newport Beach, but the details of the transaction weren’t accurately represented in our March 16 listing of Top Deals.
Last year’s transaction involved a pair of deals on Jamboree Road. Shopoff bought the interest of its former partner, New York-based DRA Advisors LLC, in the first deal for an undisclosed price. Shopoff, in the second deal, entered into a venture with San Juan Capistrano-based apartment developer Picerne Group to develop a portion of the 25 acres, but the Irvine-based company remained on as partner in that transaction.
