The Bascom Group makes $52m acquisition in L.A. market
The Bascom Group has acquired a two-property, 140-unit multifamily portfolio located in the Northridge neighborhood of Los Angeles, for $52.5 million.
The properties, NMS Northridge and NMS Superior, consist of two- and three-bedroom units, with each unit receiving a private two-car garage or two spaces of structured parking. The properties are centrally located within the San Fernando Valley.
“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,” said Chad Sanderson, Bascom senior principal. “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.