IRVINE, CA—Bascom Group LLC has purchased the 175-unit Andalucia Apartments in Palm Springs, Calif. The terms of the sale were not disclosed.
“Andalucia represents a unique opportunity to reposition and renovate ato resort-like standards,” said Jeff Fuller, principal for Bascom, in a statement. “We plan to transform Andalucia’s amenity package into one of the best in the city.”
The four-building complex was built in 1979 and includes three pools and spas. Bascom plans to take the diverse layout and create a resort-like amenity package for the residents.
For Bascom, this is the sixteenth purchase the company has made in the past year.
“This property is a great example of what we are targeting: properties with ahistory with strong value-add potential,” said Jerome Fink, managing partner of Bascom. “We are excited to commence the renovations and create value for the residents as quickly as possible.”
Brian Eisendrath of CBRE helped Bascom arrange the acquisition financing.