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September 23, 2020
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The Bascom Group Spends $94 Mil on 400 Units in Orange County


The Bascom Group LLC has acquired Villas at Tustin Apartments, a 406-unit infill apartment community located in the heart of Orange County, for $94 mil ($231.5k/unit). Villas at Tustin, constructed in 1972, is located at 2414 N. Tustin Ave, west of the 55 Fwy and north of Santa Clara Ave in Santa Ana.

Bascomís purchase was financed with $65 mil in acquisition money arranged by Sean Deasy and Ryan Fitzpatrick of HH and funded through California Bank & Trust. Bascom plans to modernize Villas at Tustinís interiors and exteriors to allow the property to compete with newly-constructed Class A properties.

Villas at Tustin offers a mix of studio, one- and two-bedroom apartments and townhomes featuring walk-in closets, fully equipped kitchens and private balconies. It is situated just minutes from John Wayne Airport and other popular attractions like Disneyland, Newport Beach, Edison Field and the Santa Ana Zoo, along with many restaurant and shopping choices. Community amenities include a fitness center with cardio equipment, a sparkling pool, playground and grilling area, and pet-friendly landscaping.

Villas at Tustin is conveniently located near major employment centers in Orange, Tustin, Irvine, and Anaheim. Several notable companies house regional offices or are headquartered in the South Coast Metro, including Xerox, T-Mobile, and CoreLogic. Villas at Tustin is minutes from major retail centers, including Tustin Marketplace, The District at Tustin Legacy, and South Coast Plaza, which offer a combined 5.3 msf of retail space.

Villas at Tustin marks Bascomís 21st multifamily property closed in Orange County and its 166th multifamily property closed in California. Over the past twelve months Bascom has acquired $1.3 bil in multifamily properties throughout the United States.

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