The Bascom Group Acquires 257-unit Value-add Apartment Community In Rancho Palos Verdes, California For $127 Million

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Irvine, California - February 28, 2025 - The Bascom Group, LLC ("Bascom") has acquired Highridge Apartments, an irreplaceable 257-unit value-add apartment community in the highly desirable coastal community of Ranchos Palos Verdes, California. The purchase price was $127,000,000 or $494,163 per unit. Annie Rice and Jamie Kline of JLL Capital Markets arranged the debt financing for the acquisition, while AXA Investment Managers US Inc. provided the acquisition loan. The JLL Investment Sales team led by Blake Rogers and Kevin Sheehan represented the seller. AMC will provide property management services for the community and SD-Cap will manage the planned property renovations.

Highridge Apartments is an institutionally owned, 1972-vintage property that has undergone significant upgrades over the years, including new in-unit washers and dryers and enhanced amenities. Residents at Highridge Apartments enjoy a home-like living experience uncommon in the South Bay rental market. The spacious units average 1,157 square feet-21% larger than the submarket average-and include 28 loft-style residences with soaring ceilings. The community boasts an attractive unit mix, ample parking, and numerous amenities, including two pools and spas, two fitness centers, a tennis court, and a clubhouse. Located along Highridge Road, the community is just minutes from stunning ocean views and premier shopping and dining.

Bascom plans to further elevate the property by renovating unit interiors to a Class "A" standard and enhancing amenities to create a more resort-style living experience. Julie Schoenbachler, Senior Vice President of Operations for Bascom, states "Our focus is on making smart, strategic upgrades that will improve the resident experience while increasing the property's long-term value. With these targeted improvements, we are ensuring Highridge remains a top choice for residents who want space, convenience, and a modernized community."

Highridge Apartments stands apart as one of only three multifamily communities with over 100 units in Rancho Palos Verdes, a highly sought-after coastal enclave known for its scenic beauty, tranquil atmosphere, and exceptional quality of life. The city boasts Los Angeles County's #2 ranked school district and an average annual household income of $236,000, attracting a highly educated, high-income demographic. Surrounded by multimillion-dollar homes and facing significant housing supply constraints, Highridge presents a rare investment opportunity in a market with strong and sustained housing demand.

Chad Sanderson, Senior Principal at Bascom, added, "Highridge Apartments is located in a highly competitive market with one of the tightest vacancy rates in all of Los Angeles County. We are pleased to have brought this unique deal to a successful close."

Bascom has been one of the most active apartment buyers in Southern California since its inception in 1996, partnering with institutional and private capital. To date, Bascom has acquired 96 multifamily properties and 15,948 units in Southern California, with 40 of those properties and 6,092 units located in Los Angeles County. Joe Ferguson, Acquisitions Manager for Bascom, added, "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."

About Bascom:

Bascom is a minority-owned private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Derek Chen, Jerry Fink, and David Kim, is one of the most active and seasoned buyers and operators of apartment communities in the U.S.

Since 1996, Bascom has completed over $22.0 billion in multifamily value-added transactions encompassing 363 multifamily properties and over 105,000 units. Bascom's commercial transaction volume is $5.8 billion in total and amounts to over 23.4 million square feet. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom's subsidiaries and joint ventures include the Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, and Realm Group. Bascom's subsidiaries also include Premier Workspaces, one of the largest privately held executive suite, coworking and shared workspace companies in the U.S.

For additional information, please visit www.bascomgroup.com [http://www.bascomgroup.com/].

Media Contact
Company Name: The Bascom Group, LLC
Contact Person: Chad Sanderson
Email:Send Email [https://www.abnewswire.com/email_contact_us.php?pr=the-bascom-group-acquires-257unit-valueadd-apartment-community-in-rancho-palos-verdes-california-for-127-million]
Phone: 949-302-3777
Address:7 Corporate Park, Suite 100
City: Irvine
State: CA 92606
Country: United States
Website: https://bascomgroup.com/

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