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8/02/16
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The Bascom Group LLC has acquired Del Flora Apartments, a 152-unit, garden-style apartment community in the Inland Empire city of Redlands. The property, located at 30598 Independence Ave, north of I-10 at the intersection of Independence with Wabash Ave, traded for $22.15 mil, or $146k/unit.
The community was built in 1989 and consists of 23 buildings, situated on 7.4 acres. Rental offerings include a range of one-bedroom and two-bedroom floor plans accounting for 37% and 63% of the units respectively. Common area amenities include a pool, fitness center, clubhouse, and tennis court. The property is well located, proximate to highly ranked schools, major employers, retail, and transportation corridors.
This transaction marks Bascom’s 37th apartment acquisition in the past twelve months. Tyler Martin with ARA Newmark was involved in brokering the transaction. Brian Eisendrath and Annie Rice with CBRE arranged the $16.94 mil loan through CIT Bank, N.A.
Chad Sanderson, Senior Principal of Bascom, states “Del Flora is an attractive choice for Inland Empire renters. Located in one of the top Inland Empire sub-markets, the property offers tenants access to some of the best schools in the area as well as proximity to the University and other major employers. Del Flora has great potential as jobs and economic fundamentals in the region continue to strengthen.”
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