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.
