Introduction to The Square Apartments
The Bascom Group sold the 112-unit The Square complex in Downey for nearly $38 million, L.A. Business First reported. The price came to about $340,000 per unit for the property, at 12535 Brookshire Avenue.
The Bascom Group purchased the complex in 2015 for $25.5 million.
The Property and Its Features
Nearly three-quarters of the units at The Square have undergone extensive renovations while under its previous ownership. The units feature large floor plans, fireplaces, in-unit washers and dryers and enclosed garages.
The Sale and Financing
The buyer purchased the property with the help of nearly $26 million worth of financing arranged by Northmarq. The buyer is planning to keep the property as a “long-term hold” with a loan that “allows them to generate enough cash from operations to fund their capital improvement plans for the property,” Mike Smith, managing director of Northmarq’s Beverly Hills-based investment sales team, told the L.A. Business Journal.
Market Trends and Recent Sales
It’s the latest multifamily property in Greater L.A. to come under new ownership in recent months. August, for example, saw several residential developments change hands. Meta Housing Corporation sold off the Burbank Senior Artists’ Colony complex in Burbank to a private investor for $31.5 million. That deal came a month after Meta Housing sold another senior housing complex in Tustin to Jonathan Rose Companies for $83 million.
Other Notable Sales
Raintree Partners, meanwhile, picked up the 268-unit Cypress Point apartments in Ventura from County Center for $100 million. In late July, Concord Capital Partners paid $79 million to two sellers in separate deals for five historic properties totaling 537 units in Hollywood, Koreatown and Westlake. That same month, Grubb Properties and PCCP acquired a 280-unit apartment building at 5550 Hollywood Boulevard from Vanbarton Group for $98.4 million. In March, Bascom Group paid $127 million to acquire the Highridge Apartments in Rancho Palos Verdes.
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Conclusion
The sale of The Square Apartments in Downey by Bascom Group for nearly $38 million reflects the ongoing trend of multifamily properties changing hands in the Greater Los Angeles area. With its renovated units and desirable features, The Square is poised to remain a valuable asset in the region’s rental market.
FAQs
Q: How much did The Square Apartments sell for?
A: The Square Apartments sold for nearly $38 million.
Q: How many units are in The Square Apartments?
A: The Square Apartments has 112 units.
Q: What features do the units at The Square Apartments have?
A: The units feature large floor plans, fireplaces, in-unit washers and dryers, and enclosed garages.
Q: Who arranged the financing for the buyer?
A: Northmarq arranged the financing for the buyer.
Q: What is the buyer’s plan for the property?
A: The buyer plans to keep the property as a “long-term hold” and use the loan to fund capital improvement plans.
