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O.C. BUSINESS PLUS | ORANGE COUNTY BRIEFLY

Bascom Group Buys 400-Unit Apartment

May 03, 2000|Daryl Strickland

The Bascom Group, an Irvine equity fund, said Tuesday it has purchased a 400-unit apartment complex in Mission Viejo from Polygon Management for $21.2 million.

Bascom bought the Hillpointe Apartments off Marguerite Parkway to help meet the high demand for rentals, as well as to own its first complex in south Orange County, where rents are highest, said Scott McClave, Bascom's acquisitions director.

The apartment building was purchased from the Washington state company for an average of $53,000 per unit, a price considered low because the land is covered by a 40-year ground lease.

Bascom plans to make some cosmetic improvements on the property and to raise average rents to $1,075 from $950, the current rate, McClave said. The apartments are 99% occupied, he added.

Bascom owns 12 buildings in Anaheim, Buena Park, Santa Ana and Garden Grove.

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