Derek Chen & David Kim Of The Bascom Group Acquire Downey Multifamily Asset For $37.6M

The asset involved in the transaction is a multifamily property located at 12535 Brookshire Avenue in Downey, California. The property features 112 residential units and was sold for $37.6 million, resulting in a price per unit of $335,714.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $37,600,000
• Units: 112
• Price Per Unit: $335,714
• Buyer: Derek Chen & David Kim - The Bascom Group
• Broker: NorthMarq
• Lender: Freddie Mac
• Loan Amount: $25.55 million
• Interest Rate: 5.05%
• Interest-only Payments: Four years

The deal involved key individuals Derek Chen and David Kim representing The Bascom Group as the buyers. NorthMarq acted as the broker for the sale, facilitating the transactions between the buyers and the involved lending institution, Freddie Mac.