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9/18/17
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The Bascom Group LLC has acquired Casanova Grove Apartments, a 76-unit infill apartment community located in the serene coastal NoCal city of Monterey, for $16.7 mil ($220k/unit).
Casanova Grove is located at 930 Casanova Ave, less than two miles from the Pacific Ocean and just a mile from Pacific Coast Highway, providing exceptional local and regional access. The charming coastal location is home to a plethora of renowned attractions including Monterey Bay Aquarium, Mazda Raceway Laguna Seca, 17-Mile Drive, and the Pebble Beach Resorts.
The complex features a swimming pool, covered parking and well-landscaped grounds. Unit amenities include a balcony, high-speed Internet, ceiling fans and cable access.
The buyer plans to implement a comprehensive renovation plan, allowing Casanova Grove to compete with higher-end existing multifamily product in the immediate area. Community improvements will include amenity upgrades, exterior redesigns, and interior renovations.
The local economy is strong, with a high median household income and neighborhoods bordering Casanova Grove with median home price values from $532,500 to $2,975,000. Major employers in the area include Dole, CTB McGraw Hill Education, and the Naval Postgraduate School, all of which are easily accessible to Casanova Grove tenants.
Anthony Lugo represented the buyer in the purchase. Erich Pryor and Thomas Sherlock with Talonvest Capital arranged acquisition financing through NXT Capital.
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