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Bascom buys 183-unit Buena Park apartment complex for $53.1M
The Irvine-based Bascom Group plans interior renovations, amenity upgrades, and full-time on-site management after purchasing Castlewood Park Apartments.
The Bascom Group has acquired Castlewood Park Apartments, a 183-unit apartment complex in Buena Park, Orange County, California, paying $53.1 million, Commercial Observer reports.
The price equates to roughly $290,200 per unit. Institutional Property Advisors, a division of Marcus & Millichap, arranged the financing, while the seller was not disclosed; property records show Newcastle owned the asset for more than 30 years.
Commercial Observer says the community was built in 1963 and includes 46 buildings across 8.7 acres at 6968 Campus Drive near Buena Park High School. It offers two-, three-, and four-bedroom apartments averaging 1,028 square feet, and was renovated a few times from 2010 through 2023.
Bascom plans to renovate apartment interiors, upgrade amenities, and add full-time on-site management. Commercial Observer also notes the firm has bought 13 apartment communities totaling 3,231 units for more than $930 million since federal interest rates rose after the pandemic, including deals earlier this year in Las Vegas and Tucson, Arizona.