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June 15, 2024
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The Bascom Group Spends $44 Mil on Two Fresno Apartment Communities


The Bascom Group has acquired two apartment communities in the Central Valley for a combined price of $44.5 mil, or $188.5k/unit, in an off-market transaction. The properties -- Casa de Luna Apartments and Casa del Sol Apartments -- are in Fresno, and mark Bascomís 25th multifamily acquisition in the Central Valley and 130th in California. They total 236 units.

Casa de Luna Apartments
Casa de Luna Apartments
The communities were built in 1967 and 2006 with an abundance of amenities and ideal features desired by todayís renters. Each property has a pool and fitness center coupled with oversized floorplans and a unit mix consisting of 76% two- and three-bedroom floorplans. The unit interiors are in original condition or have only received minor upgrades, presenting a tremendous opportunity to upgrade the properties.

Casa de Luna and Casa del Sol will undergo renovations targeting unit interiors, exteriors, and amenities. Bascomís plan will include a variety of unit interior finish levels and price points. The properties will offer best-in-class apartment living at attractive pricing, offering renters relative value to higher priced properties in the area. In addition, the company plans to rebrand the communities with new names, signage, and fresh marketing material.

Charles Halladay, Annie Rice, and Jamie Kline of JLL Capital Markets arranged acquisition financing for the deal, which was funded through California Bank & Trust. SD Cap will provide construction management services and Apartment Management Consultants (AMC) will provide property management services.

Casa de Luna and Casa del Sol are in the Central Valley, an area known for its low cost of living, high quality of life, and favorable business atmospheres. Apartment fundamentals have been strong in Fresno, driven by population growth of more than 25% since 2000. According to Bascom Senior Vice President & Principal of Acquisitions, Jim Singleton, Fresno has seen tremendous growth over the last decade, driven by such industries as healthcare, information technology, and logistics, which complement Fresnoís robust agricultural activity.

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