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October 23, 2018
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Costa Mesa Multifamily Trades for $33 Mil

5/02/18

The Bascom Group LLC has acquired Sunset Cove Apartments, a 123-unit infill apartment community in Costa Mesa. The purchase price was $33.3 mil, or around $271k/unit.

Built in 1970, Sunset Cove provides immediate access to major transportation routes including the SR-55, I-405, and SR-73 freeways. Sunset Cove offers a serene location close to renowned retail venues like South Coast Plaza and Pacific City, in addition to numerous golf courses and pristine beaches that highlight Orange County’s retail and recreation attractions. The property’s access to employment hubs like Irvine Business Complex, South Coast Metro, and Newport Center provide Sunset Cove residents convenient commutes to some of Southern California’s preeminent employers in high-tech manufacturing, biotechnology, healthcare, tourism, and professional business services.

According to Paul Diamond, Senior Vice President of Operations for Bascom, the company plans to implement some modest property upgrades that will make Sunset Cove a top choice among multifamily properties in the immediate area. The improvements will help to sustain the property over the long term and offer a higher quality living experience for tenants.

Brian Eisendrath, Annie Rice, and Brandon Smith of CBRE arranged the debt financing. Jim Fisher, Jeff Rowerdink, Joe Leon and Mike Smith of Berkadia were involved in brokering the transaction.






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