Apartment rents hitting bottom
Scott R. McClave is a principal of transactions and finance for The Bascom Group, an Irvine-based investment firm that manages over 30,000 units of apartments in 10 states.
McClave is involved with the acquisitions, financing, and dispositions of apartment buildings, which the company renovates, rents up and, ultimately, sells after a number of years. But the crash and credit crunch has changed the environment in which Bascom operates, and the firm now holds apartment buildings much longer, finding that it’s more profitable to operate them than to sell them quickly.
We asked him for an update about this facet of the real estate market.