SGV Apartments Sell for $14.7 Mil

MONTCLAIR, CA-An Irvine-based investment and development group has paid $14.7 million for a 165-unit apartment complex here in this San Gabriel Valley community, as investors continue to snap-up large multifamily developments almost as soon as they hit the market.

The project is known as Pinetree Apartments. It stands at 9200 Monte Vista Ave.

The buyer is Bascom Group, which was represented in-house by Scott McClave. The seller, privately held Jonathan’s Landing, was represented by Scott Neil Schimmel of Investors Management Group.

.Most experts agree that the multifamily sector has been the best-performing segment of LA’s commercial real estate sector over the past year or two, and many say that strength will continue well into the future because construction remains far behind demand. But few large projects have been put up for sale recently, in part because many current owners are enjoying nearly double-digit annual returns on top of steadily rising property values.

Bascom Group has been among the most aggressive buyers. In one of its largest recent deals, the company paid $11.9 million for the 336-unit Oasis at Palmdale Apartments in Palmdale.

Bascom has acquired more than 5,500 units in the five-county Southland over the past three years, a company official says.