Author Archives: ipgocorp

Bascom Closes Acquires Juniper Terrace Apartment Community in Escondido, California for $7.7 Million

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ESCONDIDO, CA – The Bascom Group has bought Juniper Terrace, a 43-unit apartment community located at 1580 South Juniper Street in Escondido, California for $7,700,000 or $179,070 per unit or $172.00 per square foot. Olga Alworth with Meridian Capital arranged the debt financing and Manufacturers Bank provided the new loan.  Eric Comer with CBRE brokered the transaction.  

This marks the ninth acquisition in Southern California for the Bascom Group in the past 12 months.

Built in 1973, the property is truly unique with a host of interior and exterior amenities. Sitting on four hillside acres, Juniper offers residents low-density, single-family home style living with oversized apartments and expansive views.  The unit mix is 100% two bedroom, two bathroom units averaging 1,039 SF. The spacious floor plans, coupled with private two-car garages, produces the feel of a single-family home community. Juniper’s outside amenities include a pool and jacuzzi, recreation room, and leasing office. Bascom’s plotted modernization program will remodel the interiors and enhance the amenities, exterior, and overall curb appeal.

James D’Argenio, Principal for Bascom, comments, “Due to minor deferred maintenance, we can place most of our capital dollars into upgrades that will remodel interiors and enhance the community to compete with newer, rental product.”

Escondido’s apartment market continues to strengthen as rents increased 6.7% from 4Q14 to 4Q15. The vacancy rate is currently 3.3%. Roadblocks to home ownership and below-average vacancy rates will continue to push apartment rents higher and drive the demand for modernized, rental housing throughout Escondido and San Diego County.

Lee Nguyen, Senior Vice President for Bascom, adds “We’re acquiring a well located, stabilized building that is ready for renovations in an expanding north San Diego economy. Our San Diego projects have performed well over the years so we are excited about the project.” 

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Town council to consider zoning for mixed-use plan

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(RECAP: The Warrenton Town Council on Tuesday will consider a zoning text amendment that would allow consideration of the proposed mixed-use development with a movie theater, shops, restaurants, apartments and condos along Walker Drive. Local real estate investors Mike Forsten, Bill Springer and Bob Springer have applied for a “plotted unit development” overlay. Their conceptual plot shows 14 buildings (two of them existing) with approximately 300,000 square feet of finished space. If the text amendment passes, the specific development proposal still would require public hearings before the plotting commission and town council, which has the final authority.)

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Dallas Fed’s Kaplan says another rate hike may come soon

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(RECAP: Rob Kaplan, president of the Dallas Fed, said Tuesday he expects an interest rate hike in the “not-too-distant future” if the economy recovers after a “mediocre” first quarter. Kaplan said he thinks the economy will recover to “a small under 2%” growth for the full year, led by strong consumer spending and a healthy labor market. The Dallas Fed president defended the Fed’s December interest rate hike, the first policy tightening in nearly a decade. “The go in December I reckon was the right go but I reckon we’re going to have to be slow and patient,” he said. “It doesn’t mean standing still. And I reckon we will make another go sometime in the not too distant future if GDP recovers in the way I expect,” he said. Kaplan is not a voting member of the Fed’s policy committee this year.)

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