The Bascom Group, an Irvine-based real estate private equity firm, has completed the $37.6 million sale of The Square, a 112-unit multifamily community located at 12535 Brookshire Ave. in Downey, California. Northmarq’s Investment Sales and Debt + Equity teams facilitated both the transaction and the financing.
Jim Fisher, Mike Smith, Vince Norris, and Tommy Yates of Northmarq represented Bascom as the seller. The Debt + Equity team, led by Zalmi Klyne and Stanley Chu, arranged $25.55 million in acquisition financing through a Freddie Mac correspondent relationship on behalf of the private buyer. The loan was structured with a seven-year term, four years of interest-only payments, and a rate of 5.05%.
The Square is one of only nine multifamily communities in the Downey submarket with more than 100 units, offering meaningful scale in a supply-constrained market. Prior ownership completed renovations on 71% of the units, adding in-unit washer/dryers and generating rental premiums. The property also features large floorplans including 43 three-bedroom units, fireplaces, and enclosed garages.
At the time of sale, The Square was 94% occupied. Its proximity to major freeways and transit provides direct access to employment hubs throughout Los Angeles, Orange County, and the South Bay.