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SAN DIEGO NEWS
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The Bascom Group Pays $355k per Unit for La Mesa Multifamily Property

8/11/21

The Bascom Group LLC has acquired an 80-unit multifamily community in La Mesa, for $26.8 mil, or $355k per unit. The property, Echo Pointe Apartments, is located at 4300 Echo Ct, just northwest of the confluence of Hwys 94 and 125.

Echo Pointe consists of large, two- and three-bedroom floorplans across 20 fourplex buildings in La Mesa, about 10 miles east of downtown San Diego. Echo Pointe offers excellent access to San Diego’s major employers, retail centers and recreational activities. La Mesa residents are drawn to its chic style and trendy retail, all while maintaining a family-friendly, small town feel.

According to Bascom Senior Vice President of Operations, Julie Schoenbachler, the property is located within a five-minute drive to downtown La Mesa and less than a five-minute walk to the Spring Street Trolley Station with service to the San Diego Trolley Orange Line. Residents have access to key employment centers throughout the Metro, with over 46% of San Diego County’s entire employment base within a 10-mile radius of the property.

Brian Eisendrath, Cameron Chalfant, and Jake Vitta of CBRE Capital Markets arranged the acquisition financing, which was funded through Brightspire Capital (fka Colony Capital). . Apartment Management Consultants (AMC) will provide property management services.

Joe Ferguson, Acquisitions Manager for Bascom, commented, “Echo Pointe has a very low-density feel with under 20 units per acre. Like single-family rentals, residents at Echo Pointe have convenient access to individual units and minimal disturbances from neighbors. Through a targeted renovation program that includes dishwasher additions to all units, Echo Pointe will provide residents a quality product at an affordable price.”






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