The Square Apartments in Downey Sold by Bascom Group

Another apartment community in the Los Angeles region has traded hands.

The Bascom Group sold the 112-unit The Square complex in Downey for nearly $38 million, L.A. Business First reported. The price came to about $340,000 per unit for the property, at 12535 Brookshire Avenue.

The Bascom Group purchased the complex in 2015 for $25.5 million.

The buyer purchased the property with the help of nearly $26 million worth of financing arranged by Northmarq.

Nearly three-quarters of the units at The Square have undergone extensive renovations while under its previous ownership. The units feature large floor plans, fireplaces, in-unit washers and dryers and enclosed garages.

The buyer is planning to keep the property as a “long-term hold” with a loan that “allows them to generate enough cash from operations to fund their capital improvement plans for the property,” Mike Smith, managing director of Northmarq’s Beverly Hills-based investment sales team, told the L.A. Business Journal.

“Well-capitalized buyers are taking advantage of the current market and beating out competition that may be on the sideline or rely on third-party capital,” Smith said. “

It’s the latest multifamily property in Greater L.A. to come under new ownership in recent months. August, for example, saw several residential developments change hands.

Meta Housing Corporation sold off the Burbank Senior Artists’ Colony complex in Burbank to a private investor for $31.5 million. That deal came a month after Meta Housing sold another senior housing complex in Tustin to Jonathan Rose Companies for $83 million.

Raintree Partners, meanwhile, picked up the 268-unit Cypress Point apartments in Ventura from County Center for $100 million. In late July, Concord Capital Partners paid $79 million to two sellers in separate deals for five historic properties totaling 537 units in Hollywood, Koreatown and Westlake. That same month, Grubb Properties and PCCP acquired a 280-unit apartment building at 5550 Hollywood Boulevard from Vanbarton Group for $98.4 million.

In March, Bascom Group paid $127 million to acquire the Highridge Apartments in Rancho Palos Verdes.

— Chris Malone Méndez