The sale of the Harbor Terrace Apartment community in Santa Ana, Calif., closed this week, with a limited liability company shelling out approximately $15.8 million for the asset.
The Bascom Group LLC purchased property located at 1314 N. Harbor Blvd. from Donbev Prop II Ltd. The sales price represented $157,000 per unit.
Harbor Terrace is a 100-unit apartment complex built in 1988 consisting of three two-story buildings. The property encompasses approximately 83,800 rentable square feet spread over two acres. The amenities at the property consist of a clubhouse, spa, swimming pool, ample garage parking, leasing office, laundry facilities, tot lot and a unit mix consisting of 80 percent two-bedroom/two-bathroom units.
The investment provides Bascom with an “excellent opportunity to capitalize not only on the upside from renovations but also on the constant growth of Orange County with the current supply and demand trends,” according to a press statement.