Bascom Group, an Irvine-based investment firm, purchased Castlewood Park Apartments in Buena Park for $53.1 million. The 183-unit complex trades at $290,200 per unit.
The acquisition marks another multifamily expansion for Bascom in the Western U.S. this year. Orange County remains competitive for institutional buyers seeking rental housing exposure. At roughly $291,000 per unit, the valuation reflects current market conditions for stabilized apartments in Southern California's inland markets.
Buena Park sits in central Orange County, roughly 25 miles southeast of downtown Los Angeles. The location offers access to employment centers and retail corridors along the I-5 and Santa Ana Freeway corridors. Institutional Property Advisors brokered the deal.
For tenants, the transaction signals continued investor appetite for Orange County rental stock, which typically means stable ownership and potential amenity upgrades under institutional management. Sellers benefit from strong buyer demand in the region. For landlords and property managers, the deal underscores that well-stabilized assets in secondary Orange County markets command buyer attention despite rising interest rates.
Bascom's activity reflects broader institutional strategy to acquire multifamily assets at scale. The company targets Western markets where population growth and housing demand support rental fundamentals. At nearly $53 million committed to a single property, the firm demonstrates confidence in Orange County's long-term rental dynamics.
The per-unit price sits below recent luxury apartment comps in coastal Orange County but reflects Buena Park's inland positioning. Investors seeking multifamily exposure in Southern California continue factoring in both coastal premium and inland value opportunities. This deal shows institutional capital remains active despite macro headwinds affecting the broader commercial real estate market.