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11/16/15
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The Bascom Group LLC has acquired Michigan Heights Apartments, a 28-unit community in Los Angeles, for $4.95 mil ($176.8k/unit). The property is located at 2202 Michigan Ave, east of I-5 and downtown Los Angeles in the city’s Boyle Heights area.
Built in 1985, the property consists of 28 apartment units with 43 onsite parking spaces. The unit mix is comprised of three studios, one one-bedroom/one-bath unit and 24 two-bedroom/ one-bath units.
With original interior finishes still in place, renovation plans include modernizing units with an upgrade package that will compete with well-finished properties in the surrounding neighborhoods. This upgrade program will offer a tremendous value proposition to young professionals and creative-types seeking a modern, affordable apartment unit adjacent to major nightlife and destination locations.
The property is located two blocks from an LA Metro station and is within a mile of major Southern California transportation arteries including the 5, 10, and 101 freeways. The property is bordered by the trendy Arts District of downtown LA, which has received an influx in redevelopment capital. There has been over $19 bil invested in downtown LA over the past 15 years, with multiple civic and private mega projects currently underway.
The emergence of a 24-hour downtown Los Angeles has sparked an economic and social transformation of most neighborhoods on its fringe, with Boyle Heights expected to follow. The Sixth Street Viaduct Project and Regional Connector will continue to improvement connectivity between Boyle Heights and downtown.
Mitch McCarthy represented Bascom in the transaction. Debt financing was provided by CTBC Bank Corp (USA). Mashcole Property Management has been hired for third party property management.
This is the fourth acquisition in the past year under Bascom’s new Private Capital Platform, which focuses on buying smaller, value-add multifamily properties in infill locations. Amabel Townhomes, located in Highland Park, was purchased early last year and continues to benefit from market integration.
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