Bascom Group Nabs CA Property for $33M

Irvine, Calif.-based private equity firm The Bascom Group LLC has acquired Sunset Cove Apartments in Costa Mesa, Calif. The 123-unit, 48-year-old infill apartment community was acquired for $33.3 million in a transaction that closed April 30. Sunset Cove Apartments is situated in a burgeoning Westside Costa Mesa enclave with immediate access to major freeways like SR-55, I-405, and SR-73. A number of high-tech manufacturing, biotechnology, healthcare, tourism and professional business services job centers are located nearby, among them the Irvine Business Complex, South Coast Metro and Newport Center. Residents benefit from access to golf courses, beaches and retail centers like South Coast Plaza and Pacific City.