FRESNO, CA - The Bascom Group has continued their multifamily acquisition spree by acquiring two more apartment communities in the Central Valley. Casa de Luna Apartments and Casa del Sol Apartments are located in Fresno, California, and mark Bascom's 25th multifamily acquisition in the Central Valley and 130th in California. Bascom purchased the 236-unit portfolio for $44,500,000, or $188,559 per unit.
California Bank & Trust provided the debt financing for the acquisition and was arranged by Charles Halladay, Annie Rice, and Jamie Kline of JLL Capital Markets. SD Cap will provide construction management services and Apartment Management Consultants (AMC) will provide property management services.
The communities were built in 1967 and 2006 with an abundance of amenities and ideal features desired by today's 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.
Bascom Sr. Principal, Lee Nguyen, states, "We have seen high demand for renovated apartment units in the Fresno market over the last few years. Casa de Luna and Casa del Sol will undergo renovations targeting unit interiors, exteriors, and amenities. Our focused renovation plan will present renters with 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, we plan to rebrand the communities with new names, signage, and fresh marketing material."
Casa de Luna and Casa del Sol are located 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. Bascom's Senior Vice President & Principal of Acquisitions, Jim Singleton, adds, "Fresno has seen tremendous growth over the last decade, and we are excited about continuing to invest in the community. Driving industries in Fresno like healthcare, information technology, and logistics, which complement Fresno's robust agricultural activity, have attributed to Fresno's economic prosperity and strong apartment occupancy."
Bascom has been one of the most active apartment buyers in California and the Central Valley partnering with institutional and private capital. Prior to purchasing Casa de ;Luna and Casa del Sol, Bascom had acquired 128 multifamily properties and 20,537 units in California, with 23 of those properties and 3,521 units located in the Central Valley. Over the past year, Bascom has completed roughly $1 billion in multifamily acquisitions nationwide.