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7/17/15
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The Bascom Group LLC has acquired The Square Apartments, a 112-unit, garden-style apartment community in Downey, for $25.5 mil ($228k/unit). Built in 1965, The Square Apartments is located at 12517 Brookshire Ave, north of the 105 Fwy off Imperial Hwy. Bascom plans to implement a modest renovation program to update the property interiors and modernize the look of the exteriors.
The community consists of 15 two-story buildings situated on 3.4 acres. Rental offerings include a range of one-bedroom through three-bedroom floor plans, with one-bedrooms accounting for 27% of the total units, two-bedroom and three-bedroom units units accounting for 38% and 36% respectively.
Chad Sanderson, Principal for Bascom states “The Square is a very well located property with access to strong job centers, schools, and numerous retailers. The area continues to gentrify as evidenced by the ongoing retail development projects along with the growing number of young professionals and families relocating to the City of Downey.”
Shane Shaeffer and Adrienne Barr of Berkadia were the brokers for the sale. Brian Eisendrath, Brandon Smith and Annie Rice of CBRE Capital Markets arranged the $18.8 mil loan with California Bank & Trust. The purchase marks Bascom’s 13th recent California acquisition.
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