Villas at Tustin changes hands for almost $100m
April 13, 2017 by Sarah
The Bascom Group LLC has recently purchased the apartment community, Villas at Tustin Apartments, for $94m.
The 406-unit Villas at Tustin officially changed hands on March 28 with the sale’s closing. HFF brokers Ryan Fitzpatrick and Sean Deasy were credited with the sale, while Jamie Kline and Charles Halladay of HFF were responsible for obtaining a loan of $66.5m from California Bank & Trust.
Constructed in 1972 and located in Santa Ana on Tustin Avenue, just a couple of miles from the community of Tustin, the apartment complex’s sale price worked out to be $231,527 per unit. Bascom representative Chad Sanderson says Villas at Tustin is viewed a good investment due in part to the access the community has from Freeways 5, 22, 55, and 91.
Bascom has plans to renovate the interiors and exteriors of the Villas at Tustin units to make it competitive with Class A properties that are newly-constructed. Once work has been completed and marketing services engaged, the company hopes to attract young tenants willing to spend more on housing.
A private equity firm, the Bascom Group, LLC seeks out value-added commercial and multifamily properties. With this latest acquisition, Bascom will have closed on 21 multifamily properties within Orange County, and its 166th across the state.