Bascom Group Buys Buena Park Apartment Complex for $53 Million

The acquisition translates to approximately $290,301 per unit for the 8.7-acre property. Spanning 46 buildings, the garden-style complex features a low density of 21 units per acre, with spacious floorplans averaging 1,028 square feet. Approximately 60% of the residences include private yards, a feature increasingly difficult to replicate in modern developments. Bascom plans to initiate a comprehensive renovation program focused on interior upgrades and amenity enhancements, supported by full-time onsite management.

IPA Capital Markets arranged the acquisition financing through Brightspire Capital, while the IPA Investment Sales team represented the seller. For Bascom, the purchase aligns with a long-standing history of repositioning vintage assets. Since interest rate hikes began in 2022, the firm has acquired 13 multifamily communities totaling 3,231 units for over $930 million. Senior Principal Chad Sanderson noted that while many institutional investors have retreated, the firm views well-located older properties in Orange County as being undervalued relative to their long-term fundamentals.