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January 18, 2022
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The Bascom Group Acquires 140 Res Units in the San Fernando Valley

1/14/22

The Bascom Group LLC has acquired a two-property, 140-unit multifamily portfolio located in the San Fernando Valley community of Northridge for $52.5 mil ($375k/unit). The properties, NMS Northridge and NMS Superior, boast large floorplans consisting of mostly two- and three-bedrooms with each unit receiving a private two-car garage or two spaces of structured parking.

The properties are centrally located within the San Fernando Valley, adjacent to California State University – Northridge (“CSUN”). CSUN has an enrollment of 38,000 students and provides significant resident demand. Although the properties’ residents are not all students or university affiliates, the properties’ proximity to the university provides consistent demand from a highly educated resident base of students, faculty, and other university affiliates and non-affiliates.

Mark Strauss and Rob Quarton of Walker Dunlop Capital Markets arranged the debt financing, whicb was provided by Brightspire Capital (fka Colony Capital). Apartment Management Consultants (AMC) will provide property management services.

Bascom Sr. Principal, Chad Sanderson, states, “NMS Northridge and NMS Superior represent compelling acquisitions in a high-barrier-to-entry market. Market occupancies have been exceptionally high over the last decade and only a limited amount of new supply is currently under construction. Despite the pandemic-related challenges for many universities and the communities serving them over the past two years, we believe the Northridge submarket will see strong fundamental growth over the next several years driven by limited new housing supply and continued population growth.”




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