Bascom Group acquires 29-unit multi-family California community for 6.3M
The USD6.3 million sale (USD217,241 per unit) closed on 12 October, 2018. Steffan Braunlich with Berkadia Real Estate Advisors brokered 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.
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.