IRVINE, CA – Bascom Group has acquired an 80-unit, multi-family community in the wider San Diego market. The property, Echo Pointe Apartments, consists of large two- and three-bedroom floor plans in 20 four-plex buildings in centrally located La Mesa, California. Bascom purchased the 80-unit property for $ 26.8 million, or $ 355,000 per unit. Brightspire Capital (fka Colony Capital) provided the debt financing for the acquisition and was arranged by Brian Eisendrath, Cameron Chalfant and Jake Vitta of CBRE Capital Markets. Apartment Management Consultants (AMC) will provide property management.
Bascom Sr. Principal, Chad Sanderson, states, "After successfully completing two repositioning projects in San Diego County earlier this year, we are excited to add Echo Pointe to our portfolio. Echo Pointe's large floor plans and quiet neighborhood cater to residents A unique community experience in one of the most sought-after rental markets in the country. We anticipate that Metro San Diego and the La Mesa submarket will experience strong fundamental growth over the next few years, driven by the limited supply of new homes and continued population growth will."
Echo Pointe is centrally located in La Mesa, an area known for its exceptional access to major San Diego employers, shopping malls, and recreational activities. La Mesa residents are drawn to its chic style and trendy retail stores while maintaining a family-friendly, small-town feel. Julie Schoenbachler, Bascom Senior Vice President of Operations, added, "The property is a five-minute drive from emerging downtown La Mesa and less than a five-minute walk from Spring Street Trolley Station, which connects to the San Diego Trolley Orange line In addition, residents have access to key recruitment centers across the metro. Over 46% of San Diego County's total employment base is within 10 miles of the property. "
Joe Ferguson, Acquisitions Manager at Bascom explains, "Echo Pointe has a very low density of less than 20 units per acre. As with single-family homes, Echo Pointe residents have convenient access to individual units and minimal interference from neighbors. With a targeted Renovation program that complements all units with dishwashers, Echo Pointe will offer residents a quality product at an affordable price. "
Bascom Group has been one of the most active home buyers in Southern California since its inception in 1996, working with institutional and private capital. To date, Bascom has acquired 96 apartment buildings and 16,746 units in Southern California, including six and 453 units in San Diego County. In the past year, Bascom Group completed multi-family transactions for over $ 805.8 million in its national portfolio.