Bascom, Rockwood grow assets in California

Joint venture bags 320 apartments

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

A joint venture between the Bascom Group and Rockwood Capital purchased a 320-unit apartment community known as the Villa Mirage Apartments in Lancaster, Calif. The value of the transaction was $25 million. The property is located at 43230 Gadsden Ave. Built in 1990, the apartment community consists of 40 two-story buildings with one-, two-, and three-bedroom apartments totaling 320 units with an average size of 817 square feet. Current amenities include two swimming pools, a spa, two playgrounds, a fitness center, sports courts and club house.  The seller of the property was Monte Verde Apartments LP, a California Limited Partnership. Marcus & Millichap represented both parties in the transaction. Orange County, Calif.-based Bascom buys multifamily communities throughout California, Hawaii, Arizona, Utah, and the Pacific Northwest. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....