Joint venture lands townhome community

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A joint venture between The Bascom Group and Rockwood Capital has purchased High Valley Townhomes, a 140-unit apartment community in Lancaster, Calif. The value of the transaction was approximately $12.2 million. Alpha Property Management sold the property, which is located at 2237 West Avenue J8. Built in 1986, the apartment community consists of 24 garden-style two-story buildings with two- and three-bedroom apartments averaging 930 square feet. Current amenities include swimming pool, spa, covered parking, children's tot-lot, laundry facilities and a tennis court. Irvine, Calif.-based Bascom is an active buyer of multifamily properties throughout Arizona, California, Hawaii and the Pacific Northwest. *** What's your opinion? Send your Letter to the Editor to