Bascom, Rockwood grow assets in California

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.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.