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7/29/15
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The Bascom Group LLC has acquired Courtyard Senior Apartments, a 344-unit independent living senior apartment community in Fontana, for $31.15 mil ($90.5k/unit). The property is located at 8185 Palmetto Ave, east of Sierra Ave and just south of Foothill Blvd.
Built in 1989, Courtyard Senior Apartments consists of four elevator-serviced, three-story buildings situated on eight and a half acres. The unit mix is comprised of 62% one-bedroom/one-bath units, 10% two-bedroom/one-bath units, and 28% two-bedroom/two-bath units with fully equipped kitchens and patios or balconies. The property is ideally located in central Fontana— residents are just minutes away from local area amenities including the new Fontana Senior Center, Main Street Fontana, Fontana Central Library, Kaiser Regional Hospital, and Walmart.
Gary Mozer and Katie Rodd of George Smith Partners arranged the debt financing with One West Bank providing the new loan for the purchase. Stephen Peters with Melody West was the broker for the sale.
Bascom plans to implement a renovation program to address many deferred issues associated with the senior apartment community and create a strong enhancement program after understanding the residents’ needs and desires. This buy marks Bascom’s 14th recent California acquisition and comes on the heels of the closing earlier this month of The Square Apartments, a 112-unit, garden-style apartment community located at 12517 Brookshire Ave in Downey for $25.5 mil.
Scott McClave, Senior Principal for Bascom, comments, “Courtyard Senior Apartments is one of the best values we’ve seen in Southern California for some time. It represents our third independent senior living community and is a great opportunity for Bascom to expand our presence in this growing market segment. We are excited about the opportunity to enhance the resident experience by upgrading the property through an improved amenity package and services.”
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