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11/06/15
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Bascom San Francisco LLC has acquired Villa Del Rey Apartments, a 109-unit residential property in Alhambra. The property, located at 1801 W. Garvey Ave, south of I-10 and east of I-710, was purchased as part of a $32.6 mil portfolio with two other Southern California retail properties.
Completed in 1972, Villa Del Rey consists of two, three-story buildings on 2.86 acres. The property, which was 96% occupied at closing, is situated approximately 10 miles east of Downtown Los Angeles.
Amenities at Villa Del Rey include a pool and fitness center, laundry facilities and central courtyard with water features. Homes at Villa Del Rey have efficient floorplans with fireplaces and private patios and many with views of the San Gabriel Mountains.
Also part of the portfolio purchase were a 34k sf, Carl’s Jr-anchored retail/office center at 3650 West Temple Ave in Pomona, and a 62.6k sf Four Wheel Tires-anchored auto center property at 1403-1427 Broadway Blvd in Chula Vista.
Michael E. Washington of KW Commercial- Pasadena represented the buyer, San Francisco-based Multihousing Investment Partners / Bascom NW, in the transaction. The seller, Glendale-based Japanese Village Plaza LLC, was repped by David K. Hyun of Coldwell Banker George Realty – Arcadia.
Debt financing was provided by Comerica Bank and arranged by Troy Tegeler, Trevor Breaux and Jeff Tong of CBRE Capital Markets. American Management Consulting (“AMC”) has taken over management of the community as of the closing date.
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