The Bascom Group has expanded its multifamily holdings in the western USA, acquiring a 183-unit residential complex in Orange County, California. The Irvine, California-based investment firm paid US$53.1 million for the Castlewood Park Apartments in Buena Park. This amount equates to approximately US$290,200 per unit.
Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the transaction. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk and Jake Vitta of IPA arranged the financing. The seller's side was represented by Kevin Green, Joe Grabiec and Gregory Harris of IPA; the seller was not named. According to property records, the property had been owned by Newcastle for over 30 years.
IPA described Buena Park as one of Orange County's high-demand submarkets. Green stated in a release that Castlewood Park was the largest multifamily sale in Buena Park and was among only eight multifamily transactions exceeding US$50 million in northern Orange County over the past 24 months.
Built in 1963, the Castlewood Park complex comprises 46 buildings on an 8.7-acre site at 6968 Campus Drive, adjacent to Buena Park High School. The community offers two, three and four-bedroom apartments with an average size of 1,028 square feet. The property underwent multiple renovations between 2010 and 2023. Bascom plans to modernise the apartment interiors, enhance the property's amenities, and introduce full-time on-site management.
Since the beginning of the rise in US benchmark interest rates post-pandemic, Bascom has acquired a total of 13 apartment properties, comprising 3,231 units, for over US$930 million. Earlier this year, Bascom acquired a 294-unit property in Las Vegas and another 289-unit property in Tucson, Arizona.
