Irvine-based Bascom Group Acquires Highridge Apartments in Rancho Palos Verdes for $127M
'Our focus is on making smart, strategic upgrades that will improve the resident experience while increasing the property's long-term value,' said Julie Schoenbachler, senior vice president of operations for Bascom, in a statement.
Units average 1,157 square feet and the current amenities include two pools and spas, two fitness centers and a tennis court.
JLL represented the seller and JLL Capital Markets arranged debt financing for the acquisition. AXA Investment Managers US Inc. provided the acquisition loan.
Since its inception in 1996, Bascom has acquired 96 apartments comprised of 15,948 units in Southern California. However, there have been limited opportunities to acquire institutional property in the South Bay.
'Few opportunities of scale ever arise in coastal Southern California and nearly none in Rancho Palos Verdes. We are excited to convert on this truly generational opportunity,' said Joe Ferguson, acquisitions manager for Bascom, in a statement.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Axios
25 minutes ago
- Axios
Digging into the Portland Trail Blazers sale
The NBA ownership carousel kept spinning on Tuesday, with private equity billionaire Tom Dundon agreeing to buy the Portland Trail Blazers for just over $4 billion from Paul Allen's estate. The league also approved Bill Chisholm's purchase of the Boston Celtics, which was announced back in March. Here are four things to know about the Blazers deal, based on conversations with sources familiar: 1. Dundon doesn't yet have all the money. He does have several partners officially in the door, including Blue Owl co-president Mark Zahr and Portland-based venture capitalist Sheel Tyle. But he's also trying to fill out the syndicate, which could include private equity participation. This isn't unusual — Chisholm needed to do the same after agreeing to buy the Celtics — and is unlikely to become an obstacle, particularly given that it was said to be a "highly competitive" bidding process. One thing to watch will be if there's any involvement by Blue Owl, whose Dyal unit has minority stakes in several other clubs, or if its role will be limited to Zahr as an individual. Also unclear if Zahr's day job would impact his potential ability to serve as an alternate governor for the Blazers. 2. There's no real estate involved, just as there wasn't for the Celtics or Lakers deals. So when calculating future team sales, these might be viewed as discounted comps. The Blazers last year sold their arena and underlying property to the city of Portland for just $7 million, and extended their lease through 2030. The goal was to enable renovation, particularly with a new WNBA club to begin play in Portland next year. But NBA commissioner Adam Silver has said that "Portland likely needs a new arena," which obviously has some locals worried about losing their team to Las Vegas or some other city. There are other available locations, such as an old shopping mall site called Lloyd Center — although the availability of public financing is much more questionable. 3. Dallas-based Dundon is saying the right things about keeping the team in Portland. When Dundon bought the NHL's Carolina Hurricanes in 2018, he kept the club in Raleigh (where he's also been trying to lure a Major League Baseball team). He also spent big to renovate the team's arena and surrounding area. That said, Dundon could come under relocation pressures in Portland if the city doesn't cough up cash — and the relatively short-term lease will give him leverage. 4. Game over. No other NBA teams are actively seeking to sell control stakes, after a two-year flurry that's included Portland, Boston, Los Angeles, Dallas, Minnesota, Phoenix, and Charlotte. That said, the Lakers sale was on a proprietary basis between the Buss family and Mark Walter, so it's possible that sort of deal could be quietly in the works. Or that the high price Portland just fetched will induce a reticent owner to solicit bids.
Miami Herald
25 minutes ago
- Miami Herald
Spirit Airlines just sent an ominous financial message. Here are 5 takeaways
Spirit Airlines has issued a warning that it may not be in business in the next year despite recent restructuring and efforts to boost revenue. The Broward-based company disclosed the issues in a financial statement submitted to the U.S. Securities and Exchange Commission, highlighting the airline's financial challenges. FULL STORY: Spirit Airlines issues warning about its future. Will company stay in business? Here are the highlights: Spirit Airlines expressed doubts about its ability to meet financial commitments with current cash reserves and future revenue forecasts. The airline's statement indicates significant uncertainty about its continued airline has recently introduced new routes from Fort Lauderdale to destinations like Grand Cayman, Belize City and Key West, hoping these would revitalize its business. Despite these efforts, economic conditions and weak demand for domestic leisure travel pose emerged from bankruptcy in February and has since appointed a new president, Dave Davis, while attempting to shift toward more premium offerings. But the Broward-based company still faces financial hurdles and may consider selling additional airline's financial filing suggests that failing to improve liquidity could lead to defaulting on debt obligations and credit agreements. This situation underscores the precarious financial position Spirit the challenges, Spirit remains the top airline at Fort Lauderdale-Hollywood International Airport by passenger volume. The company plans to operate 100 peak day flights at the airport by the end of 2025. The summary points above were compiled with the help of AI tools and edited by journalists in the Miami Herald newsroom. The full story in the link at top was reported, written and edited entirely by Miami Herald journalists.
27 minutes ago
Coffee sold at Dollar General recalled for 'potential presence' of glass
Instant coffee products sold at Dollar General stores nationwide has been recalled due to the "potential presence of glass," according to the company. Dollar General has voluntarily recalled three lots of its 8-ounce Clover Valley Instant Coffee sold in 48 states, the company said in an announcement posted by the U.S. Food and Drug Administration. "The recall is being initiated after a customer notified Dollar General employees about the potential issue," the statement said. "Ingesting glass fragments may cause injury to the consumer, and these injuries may include damage to teeth, laceration of the mouth and throat, or perforation of the intestine. No illnesses or injuries have been reported to date." The recalled products were sold between July 9-21, 2025, and have the UPC number 876941004069 on the package. There are three specific codes that can be found on the neck of the jar: L-5163 and L-5164 that both have a Best By date of 12/13/2026; and L-5165 with a Best by of 12/14/2026. The Tennessee-based retailer has encouraged any customers who purchased the coffee products to discard it for a full refund. "Contact Dollar General either via email at customercare@ or by phone at 1-888-309-9030 from 6 a.m. to 1 a.m. CST seven days a week to request a full refund of the purchase price (including any tax)," the company stated. "Dollar General is actively investigating the source of the glass contamination and apologizes for any inconvenience caused by this product issue," the recall statement added.
