The Bascom Group Continues California Buying Spree with Acquisition in Dynamic San Gabriel Valley

IRVINE, CA – The Bascom Group has bought Atrium Apartments, a 39-unit apartment community in El Monte, California. Atrium was built in 1963 and is located at 3733 Gibson Road, El Monte, CA 91731.  Bascom bought Atrium for $9,700,000, or $248,718 per unit or $312.00 per square foot. Priscilla Nee and Eric Chen with CBRE brokered the transaction. James D’Argenio and Chang Liu sourced and managed the acquisition for Bascom.

Since 1996, Bascom and its affiliates have bought 331 multifamily properties throughout the United States, totaling more than 85,000 units. Atrium marks Bascom’s 39th multifamily property closed in Los Angeles County and its 169th multifamily property closed in California. In the past twelve months, Bascom has completed over $1.5 billion in multifamily transactions throughout the United States.

Bascom’s Senior Principal, James D’Argenio, stated, “We have an attractive acquisition basis relative to other apartment offerings we’ve tracked in Southern California over the past year. The seller delivered the building in brilliant condition with a proven upgrade plot that we’ll continue during our ownership.”

Tim Whiting, Senior Vice President of Portfolio Operations, added, “The San Gabriel Valley was extremely resilient during the economic recession and very small new multifamily construction has been delivered since then. The sustained transformation of downtown Los Angeles will continue to place rental pressure on neighboring submarkets, like the San Gabriel Valley, as renters search for quality, workforce housing near major business districts.”

Located in El Monte, Atrium provides ideal access to major economic centers and dynamic cores, including downtown Los Angeles, Arts District, Pasadena, Commerce, City of Industry and Long Beach. Since 2014, El Monte has facilitated 2.88 million square feet of commercial development projects in a concerted effort to transform El Monte into a leading, local economy in the San Gabriel Valley. The San Gabriel Valley is a dynamic region with a host of major job producing industries, including education, healthcare, manufacturing, and tourism. Atrium will continue benefitting from the region’s economic growth and strong multifamily fundamentals fueled by robust population growth and rising median household income. A diverse industry base combined with El Monte’s growth agenda will continue lifting the demand for quality, workforce housing.

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University of California and American Campus Communities Open Sustainable Student Living Center

IRVINE, CA – American Campus Communities joined the University of California, Irvine (UCI) to officially mark the opening of Plaza Verde, a fresh and modern student community that offers an eco-friendly, living and learning environment conducive to achieving academic, professional, and personal success.

The new 1,441-bed, 5-tale residential tower located at 15000 Arroyo Drive is a key milestone in large-scale, affordable green living as the all-electric community is designed to target UCI’s very first Zero-Net Energy (ZNE) operation as well as LEED Platinum certification. The building’s opening comes on the heels of UCI being ranked No. 1 in the nation by Sierra Magazine in its annual “Cool Schools” ranking of sustainability leaders among colleges and universities.

“Since 2004, UCI and American Campus Communities have partnered to make a supportive and sustainable living-meets-learning environment for UCI students,” said Dr. Enrique Lavernia, UCI provost and executive vice chancellor. “Our work at UCI has set a model for public-private partnerships as other universities have seen what we have done to transform UCI from a commuter campus to a campus where students can delight in the benefits of the residential university experience.”

The U.S. Green Building Council’s LEED™ for Homes Design & Construction Multifamily Rating System was the initial framework for the project along with the University of California’s Carbon Neutrality policy to seek a ZNE operation. A plotted 1.4-Megawatt photovoltaic array on two adjacent parking structures, when constructed, will allow the UCI Phase 4 Building A project to achieve net zero energy and be eligible for LEED Platinum certification.

“In addition to being a healthy and dynamic student community, Plaza Verde is the greenest large-scale student community that has been developed,” said Bill Bayless, American Campus Communities CEO. “We have gone to extensive lengths to ensure sustainability and student-focused design are at the forefront, from initially designing and testing systems for an efficient and comfortable community, then arranging a sizable offset for energy that will really be achieved.”

With floor plans designed with students in mind, Plaza Verde’s units start at just $789 per person. Students moving in this fall are enjoying fully furnished apartments, state-of-the-art fitness centers, multi-purpose rooms and outdoor pavilions. The Academic Success Center, group and private study lounges help students prepare for success.

ACC’s partnership with UCI started in 2004 with the delivery of its first student housing development on campus. Since then, ACC has developed and manages more than 6,000 beds in five communities. This is the seventh project within the University of California system for ACC.

“We are very proud of our ongoing partnership with American Campus Communities to make this award-winning sustainable and healthy living environment offered at affordable prices,” said Willie Banks, vice chancellor for student affairs at UCI. “This first-of-its-kind project at UCI is the start of our plans for continuous sustainable innovations moving forward.”

Plaza Verde includes an all-electric system that eliminates the need for natural gas and uses new proven technology, such as heat pump water heaters and an electric outdoor grill system, among other efficient appliances. In addition to offsetting the annual energy usage of Building A with onsite renewable energy, it provides a host of alternative transportation options including bike storage to accommodate more than 760 bikes. The location provides access to several public transit lines and close walking proximity to community services and basic human needs. Native, drought tolerant landscaping combined with recycled water helps to reduce the demand on potable water by 100 percent. Water conserving plumbing fixtures installed in the building also contribute to significant water reduction in potable water usage.

Adding to the eco-friendly elements, are building materials that limit the negative impact associated with raw material extraction and transportation. For example, all of the wood at Building A is either non-tropical, reclaimed, or sustainably harvested in accordance with the Forest Stewardship Council (FSC).

“It’s incredible that this community was built for students, like me, who are passionate about sustainability but also in need of affordability,” said Randy Yan, a third-year biological sciences major and president of the Associated Students of the University of California, Irvine (ASUCI). “From the inviting entrance with the grand staircase to the quality amenities like the academic success center, Plaza Verde provides a gorgeous, comfortable sustainable living space while providing the necessary academic resources. It’s a win-win.”

The following design strategies were implemented to optimize human health: superior ventilation performance, carbon monoxide monitoring, a no-smoking policy, walk-off mats at all entrances from the outdoors and shoe storage inside the building units. Overall, the project totals 568,930 square feet with a dedicated 523-space structured parking garage, and 15,000 square feet for a community center. Amenities include a multipurpose room, kitchen, cafe/lounge, bike room, fitness/yoga studio, offices and 18 study rooms.

As the nation’s largest developer of student resident communities, ACC is deeply committed to sustainability and environmental stewardship. Plaza Verde was financed by a non-profit foundation using project-based, tax-exempt bonds. ACC will provide the full scope of management services for the community, including operations, maintenance and residence life.

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Passco Companies Acquires 220-Unit Luxury Multifamily Community in Knoxville, Tennessee

KNOXVILLE, TN – Passco Companies, a privately held California-based commercial real estate company that specializes in acquisition, development, and property and asset management throughout the U.S., has bought Tapestry at Turkey Creek, a 220-unit, best-in-class luxury apartment community in Knoxville, Tennessee.

The firm bought Tapestry at Turkey Creek directly from the asset’s developer, Birmingham, Alabama-based Arlington Properties, for a total consideration of $40.4 million, according to Colin Gillis, Vice President of Acquisitions – East at Passco Companies.

“We were immediately drawn to the opportunity to buy a stand-out asset in this market – presenting a quality unmatched by the overwhelming majority of existing multifamily product in Knoxville – from a national developer known for exceptional design and amenities packages,” clarifies Gillis. “Driven by steady job growth and high absorption, multifamily demand is outpacing supply in the Knoxville area. With sustained low unemployment and a rising number of white-collar jobs, we anticipate the demand for high-quality multifamily assets like Tapestry at Turkey Creek to remain strong.”

According to Gillis, Knoxville’s economy has benefited in recent years from diverse and evolving employment opportunities, including a 15% increase in office jobs from the peak of the previous cycle.

The property is ideally located in one of Knoxville’s most desirable suburban neighborhoods, across from the Turkey Creek Lifestyle Center, a mixed-use destination that is both the largest single commercial development in the Knoxville MSA and the largest concentration of Class A retail in Eastern Tennessee. The community also offers residents close proximity to Interstate 40, providing simple access throughout the region.

“The fact that Tapestry at Turkey Creek was leased up in under a year, by residents with an average on-site income of $100,000, is a testament to its multifaceted appeal to those looking for quality apartment living with competitive amenities, in close proximity to shopping and entertainment, and a convenient commute to Downtown Knoxville,” continues Gillis. “Further, this is the only multifamily community of its class in Knoxville that is zoned for some of the area’s top schools in neighboring Farragut, Tennessee.”

Community features include a saltwater pool with water feature and sun shelves; a fitness center with circuit training, cardio equipment with TV monitors, spin room and more; an Arlington signature coffee bar; poolside cabanas with fireplace and TV; a gaming pavilion with a billiard table; and a dog park.

“We’ve been fortunate to have an brilliant relationship with the seller for several years, which helped facilitate this smooth, mutually beneficial transaction,” says Gillis. “With Arlington Properties continuing to manage this property, we can trust that the community will deliver top-class service, driving resident attraction and retention, throughout Passco’s ownership.”

David G. Ellis, Executive Vice President of Development for Arlington Properties, adds: “Tapestry at Turkey Creek has been an brilliant performer in our portfolio since it was delivered into the market last year. These units leased up at a very swift pace, demonstrating the strength of the Knoxville multifamily market and the community’s fantastic location within the city. We look forward to continuing our involvement in the development as property manager for a fantastic owner in Passco.”

Tapestry at Turkey Creek consists of one, two, and three-bedroom apartment homes on 12 acres of hillside. Units feature granite countertops and tile backsplash, stainless steel appliances, abundant closet space, wood vinyl plank flooring, soaking tubs, a balcony or terrace, and dual sinks in select apartment homes. 

The property is located at 810 Tapestry Way in Knoxville, Tennessee.

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