Latest news with #BascomGroup
Los Angeles Times
23-05-2025
- Business
- Los Angeles Times
Rancho Palos Verdes Apartment Complex Sells for $20.4 Million
A second major apartment complex was sold in Rancho Palos Verdes this year after four years of relative inactivity for large apartment projects in the seaside city. The 49-unit Peninsula Villas Apartments was acquired by Torrance-based Real Estate Connection, a developer and operator of apartments in the South Bay, for $20.4 million, or $408,000 per unit. The property was 92% occupied at the time of sale. Peninsula Villas Apartments is surrounded by single-family homes. The property is a unique apartment building because it is comprised of 10 different structures and 34 of the 49 units are townhome style. Bascom Group's $127-million acquisition of Highridge Apartments in Rancho Palos Verdes is the largest apartment sale of the year in Los Angeles County. Information for this article was sourced from Real Estate Connection.
Los Angeles Times
07-03-2025
- Business
- Los Angeles Times
Irvine-based Bascom Group Acquires Highridge Apartments in Rancho Palos Verdes for $127M
Irvine-based Bascom Group acquired the 257-unit Highridge Apartments for $127 million, or $494,000 per unit. The property is located in the seaside community at 28125 Peacock Ridge Drive and new ownership plans upgrades to create a resort-style feel that matches the area's stature. It is only one of three apartment buildings in the city with greater than 100 units. '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.
