The Bascom Group Acquires 183-Unit Value-Add Apartment Community in Buena Park, California for $53.125 Million
IRVINE, Calif. – The Bascom Group, LLC has acquired Castlewood Park Apartments, a 183-unit apartment community located in Buena Park, California. The acquisition price was $53,125,000, equivalent to $290,301 per unit. Financing for the acquisition was arranged by Brian Eisendrath, Cameron Chalfant, Jesse Zarouk, and Jake Vitta of IPA Capital Markets, with Brightspire Capital, Inc. providing the acquisition loan. The seller was represented by the IPA Investment Sales team led by Kevin Green and Joe Grabiec. AMC will manage the property, while SD-Cap will oversee renovations.
Castlewood Park Apartments, built in 1963, features spacious floorplans averaging 1,028 square feet, with garages for every unit and private yards for approximately 60% of the residences. The community spans 46 buildings across 8.7 acres, offering a neighborhood-like environment with low density and abundant open space. Comprising entirely two-, three-, and four-bedroom apartments, it includes two swimming pools and a leasing center, providing an alternative to homeownership in a supply-constrained market.
Bascom intends to enhance the property through interior renovations and amenity improvements, as well as implementing full-time onsite management. Lee Nguyen, Senior Vice President of Operations for Bascom, remarked on the community's desirable features and emphasized the company's commitment to modernizing the property while preserving its unique characteristics.
Founded in 1996, Bascom has acquired more than 369 multifamily communities in 20 states, initially focusing on Southern California. Senior Vice President of Operations Tim Whiting highlighted Bascom's experience in repositioning older properties, noting the company's $110 million in renovations across numerous properties. He emphasized the importance of preserving affordable housing options in Orange County's real estate market.
Castlewood Park Apartments is strategically located with easy access to major employment centers via the 5 and 91 freeways. The surrounding neighborhood includes a newly developed townhome community and established single-family homes valued between $900,000 and over $1 million. Chad Sanderson, Senior Principal at Bascom, commented on the current investment climate for older apartment communities in Orange County.
Despite a cautious atmosphere among institutional buyers in the multifamily market following interest rate increases, Bascom has actively pursued acquisitions. The firm has secured 13 multifamily communities totaling 3,231 units for over $930 million since the interest rate hikes began. Vice President of Acquisitions Joe Ferguson noted that the multifamily market is increasingly nuanced, presenting opportunities across various investment strategies.