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4/11/16
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The Bascom Group LLC has acquired Juniper Terrace, a 43-unit apartment community in Escondido, for $7.7 mil ($179k/unit). The property is located at 1580 South Juniper St, east of I-15 and south of Hwy 78.
Built in 1973, the property sits on four hillside acres and offers residents low-density, single-family home-style living with oversized apartments and expansive views. The unit mix is 100% two-bedroom/two-bath units averaging just over 1k sf in size. The spacious floor plans, coupled with private two-car garages, provide the feel of a single-family home community.
Amenities at Juniper include a pool and jacuzzi, recreation room, and leasing office. Bascom’s plans to modernize the property by remodeling the interiors/exteriors and enhancing the amenities and overall curb appeal.
Olga Alworth with Meridian Capital arranged the debt financing and Manufacturers Bank provided the new loan. Eric Comer with CBRE brokered the transaction. This marks the ninth acquisition in Southern California for the Bascom Group in the past 12 months.
James D’Argenio, Principal for Bascom, comments, “Due to minor deferred maintenance, we can put most of our capital dollars into upgrades that will remodel interiors and enhance the community to compete with newer, rental product.”
Escondido’s apartment market continues to strengthen as rents increased 6.7% from 4Q14 to 4Q15. The vacancy rate is currently 3.3%. Roadblocks to home ownership and below-average vacancy rates will continue to push apartment rents higher and drive the demand for modernized, rental housing throughout Escondido and San Diego County.
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