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10/15/18
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The Bascom Group LLC has acquired Corona Del Norte, a 29-unit infill apartment community in Torrance, for $6.3 mil ($217.2k/unit).
Del Norte is less than five miles from the Pacific Ocean and located near several interstates that provide outstanding local and regional access, including Interstate 405, 110, 710, 105, and Pacific Coast Highway. Significant employers within a 30-minute commute from Del Norte include Honda North America, Boeing Satellite Systems, Raytheon, AT&T Entertainment Group, Harbor-UCLA Medical Center, Xerox, Mattel, and the Port of Los Angeles. Toyota’s former 110-acre corporate campus, located a few blocks from Del Norte, recently sold to a commercial real estate operator who is planning a major redevelopment.
Steffan Braunlich with Berkadia Real Estate Advisors was involved in brokering the sale. East West Bank provided Bascom with an acquisition loan to finance the purchase. James D’Argenio and Chang Liu sourced and managed the acquisition for Bascom.
D’Argenio commented, “We jumped on this opportunity once it hit the market. The seller was the original developer who took great pride in physically maintaining the asset. We are inheriting the property with 40% of the units vacant, so we can efficiently modernize a bulk of the interiors while enhancing the exterior and overall community.”
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