Burlingame Towers purchased

NAI BT Commercial represented the buyer in the purchase of the eight-story, 85-unit Burlingame Towers apartment complex in Burlingame, Calif., for an undisclosed price.

A Palo Alto, Calif.-based company bought the property, located at 1469 Bellevue Ave, from locally based Burlingame Towers LLC.

The new buyer will be just the fourth owner of the property since the building was built 45 years ago, according to a press statement.

NAI BT Commercial is a commercial real estate firm primarily providing services through 14 offices in Northern California.

L.A. apartment portfolio sells for $21 million

Lagovent Real Estate Group, Inc. this week announced it sold a portfolio of Los Angeles apartments comprising approximately 300 units for $21 million.

The sales incorporate assets that Lagovent acquired by between 2004 and 2005. One of the buyers was a New York-based private equity firm.

Lagovent principal Brett Markinson said the company focuses on shorter investment-cycle opportunities of between two and five years.

Bascom grows in San Diego

The Bascom Group LLC on Tuesday purchased the Las Palmas/Laurel Tower Apartment community in San Diego, Calif., for $12 million.

The property, located at 3710-3810 Wabash Ave. and commonly referred to as Las Palmas, is a 132-unit, four-story community built in 1986. It has a total rentable floor area of 97,525 square feet, and features one- and two-bedroom floor plans, with unit sizes ranging from 650 square feet to 850 square feet.

Wabash Hillcrest Regency L.P. sold the property.  more...