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10/05/15
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The Bascom Group LLC has closed on a San Diego apartment buy, paying $7.6 mil for Courtyard on 68th, a 38-unit ($200k/unit) community located at 4823 68th St, south of I-8 and El Cajon Blvd near La Mesa.
Built in 1971, the property consists of a two-story building situated on just over one acre. It consists of all two-bedroom/two-bath units ranging in size from 950 sf to 1.2k sf.
Courtyard is located one mile from San Diego State University in a high demand rental market that provides residents access to the major employment centers of California’s second largest municipality. Bascom will implement a renovation plan that will enable Courtyard to compete with existing high-end rental product nearby.
Thomas Sherlock and Kim Leslie of Talonvest Capital arranged the debt financing with Manufacturers Bank providing the new loan. Rita Lancaster-Hannah with ACRE brokered the transaction.
James D’Argenio, Principal for Bascom, noted, “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.”
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