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Friday, Dec 9, 2022

Bascom Group Adds San Diego to Rental Push

Irvine-based Bascom Group is continuing its 2021 multifamily investment spree, this time with an acquisition in Southern California.

The active apartment investor recently closed on an 80-unit multifamily project in San Diego for $26.8 million.

Echo Pointe Apartments in La Mesa, traded for $355,000 per unit. The complex, about 6 miles east of the San Diego Zoo, counts 20 fourplex buildings.

“After successfully completing two repositioning projects in San Diego County earlier this year, we are excited to backfill our portfolio with Echo Pointe,” said Bascom Senior Principal Chad Sanderson.

“We believe the San Diego Metro and the La Mesa submarket will see strong fundamental growth over the next several years driven by limited new housing supply and continued population growth.”

The deal adds to a national buying spree of late for Bascom, which said it has invested more than $800 million in multifamily projects over the past year.

Outside of California

The recent buy trails two multifamily acquisitions made last month by Bascom in Illinois and Las Vegas.

Bascom most recently paid $49.1 million for a luxury 221-unit project in Evanston, Ill., partnering with Stamford, Conn.-based Spirit Investment Partners in the deal, which works out to about $222,000 per unit.

Bascom also spent an additional $72 million for a portfolio acquisition in Las Vegas that includes three properties totaling 390 units.

The deal worked out to nearly $185,000 per unit.

The company first entered the Las Vegas market in 2013, and now counts 29 properties in the region totaling 8,915 units and $1.2 billion in total capitalization.

Portfolio Approaches 90K 

Companywide, Bascom has invested almost $19 billion in multifamily transactions, totaling 334 properties and north of 87,000 units.  

In Southern California, Bascom has bought 96 projects totaling 16,746 units.

Though Bascom is best known for investing in existing apartment properties across the country, it frequently partners with other real estate firms, including several in Orange County for new commercial projects.

The company partnered with Newport Beach-based based Real Estate Development Associates LLC on industrial development deals in Southern California, entitling more than 6.5 million square feet of logistics and warehouse facilities in the past 48 months.

Earlier this year, the partnership broke ground on the development of the Ontario Ranch Business Park, a two-phase project totaling over 3 million square feet across 12 buildings.

Bascom has worked with Long Beach’s Harbor Associates to buy a string of offices in OC the past few years, and also backs Irvine’s Premier Workplaces, one of the area’s largest owners of executive office suites. 

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