IRVINE, CA – The Bascom Group has bought a two-property, 140-unit multifamily portfolio located in the Northridge neighborhood of the City of Los Angeles. The properties, NMS Northridge and NMS Superior, boast large floorplans consisting of mostly two- and three-bedrooms with each unit receiving a private 2-car garage or two spaces of structured parking.
The properties are centrally-located within the San Fernando Valley and sit adjacent to California State University – Northridge (“CSUN”). CSUN has an enrollment of 38,000 students and provides significant resident demand. Bascom bought the 140-unit property for $52,500,000, or $375,000 per unit. Brightspire Capital (fka Colony Capital) provided the debt financing for the acquisition and was arranged by Mark Strauss and Rob Quarton of Walker Dunlop Capital Markets. Apartment Management Consultants (AMC) will provide property management services.
Bascom Sr. Principal, Chad Sanderson, states, “NMS Northridge and NMS Superior represent compelling acquisitions in a high-barrier-to-entry market. Market occupancies have been exceptionally high over the last decade and only a limited amount of new supply is currently under construction. Despite the pandemic-related challenges for many universities and the communities serving them over the past two years, we believe the Northridge submarket will see strong fundamental growth over the next several years driven by limited new housing supply and continued population growth.”
The properties are located adjacent to California State University – Northridge, a 38,000-student university within California State University system. Although the properties’ residents are not all students or university affiliates, the properties’ proximity to the university provides consistent demand from a highly educated resident base of students, faculty, and other university affiliates and non-affiliates. Bascom’s Senior Vice President of Operations, Julie Schoenbachler, adds, “The properties are just a small walk across the street from the CSUN student recreation center, which will be an incredible complement to our plotted amenity upgrades on the properties. Other property upgrades will include unit interior renovations and a rebrand to appeal to a younger, tech-savvy resident base.”
Joe Ferguson, Acquisitions Manager for Bascom, states, “We are excited to kick off the new year with the acquisition of NMS Northridge and NMS Superior. The properties’ large floorplans and collegial neighborhood provide residents a unique community experience complete with an abundance of amenities and services serving the Northridge submarket and CSUN community. The properties have been very well-maintained and stand to benefit from a targeted renovation program, including washer dryer additions to most units, as well as the implementation of institutional property management.”
The Bascom Group has been one of the most active apartment buyers in Southern California since its inception in 1996, partnering with institutional and private capital. To date, Bascom has bought 95 multifamily properties and 15,808 units in Southern California, with 39 of those properties and 5,952 units located in Los Angeles County. Over the past year, Bascom has completed over $1.85 billion in multifamily transactions.

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SAN DIEGO, CA – Walker & Dunlop announced that it completed the sale of EV Lofts, a 208-unit Class A apartment community in Downtown San Diego, California’s trendy East Village neighborhood.
Walker & Dunlop’s Hunter Combs, Blake Rogers, Javier Rivera, and Alexandra Caniglia represented the seller, Greystar Real Estate Partners, in the disposition to the buyer, Griffis Residential. Mr. Combs commented, “This was a rare opportunity to buy a Class A institutional asset in one of San Diego’s best neighborhoods, East Village. In addition to an extremely high level of interest in the opportunity, investors were bullish on Downtown and forecasting major tailwinds due to the explosion of new office in the pipeline, including IQHQ, The Campus at Horton Plaza and Kilroy Small Italy, just to name a few.”
Built in 2015 by nationally recognized developer Oliver McMillan, EV Lofts is a mid-rise community featuring best-in-class design and finishes. The property features luxury amenities, including a rooftop deck, resident lounge, fitness center, dog park, and is powered by the Alfred resident tech platform. Surrounded predominately by high-rise apartment buildings with rents approximately 30% higher, EV Lofts offers an attainable rental housing option that appeals to a larger demographic.
Situated just three blocks from Petco Park and at the nexus of the Gaslamp and East Village Districts, EV Lofts offers residents an ideal mix of walkable retail, Michelin-recognized restaurants, and entertainment amenities. The transit-oriented property also features immediate access to the major employment hubs of San Diego including Westfield UTC, La Jolla, Sorrento Valley, Kearny Mesa, and Mission Valley.

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SPRING, TX – Civitas Capital Group, a Dallas-based alternative investment manager offering niche opportunities in U.S. real estate, has bought Cathedral Lakes, a 300-unit, Class “A” apartment complex in the highly attractive Greater Houston Texas market.
“This was our second multifamily acquisition in recent weeks, and we expect more execution of this core strategy for Civitas in 2022,” says Rootvik Patel, Investments Director for Civitas, who led the transaction along with colleague Chandler Kyser. “It’s yet another recent build, garden-style property with high-quality new construction in a quick-growing market.”
The property sits adjacent to the master-plotted City Place development, is next to the affluent suburb The Woodlands, and is approximately 30 minutes north of downtown Houston. The surrounding community of Spring, Texas, features gorgeous parks, nightlife, high-end shops, restaurants, and the quaint city center of Ancient Town Spring.
The Houston MSA, home to 7.1 million residents, has experienced a population boom since 2010, adding more than 1.1 million people. This has drawn highly skilled labor and increased median household income to more than $100,000 (44% higher than the national MSA average) within a 5-mile radius of the property. Nearby headquarters include HP, Southwestern Energy, and Exxon Mobile.

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