The Bascom Group Acquires 257-Unit Value-Add Apartment Community in Rancho Palos Verdes, California for $127 Million
- Editor
- Mar 3
- 1 min read
Whats Happening:
The Bascom Group has acquired Highridge Apartments, a 257-unit value-add apartment community in Rancho Palos Verdes, California, for $127 million. The property, built in 1972, has undergone significant upgrades and offers spacious units averaging 1,157 square feet. Bascom plans to further enhance the property with interior renovations and amenity improvements to create a more resort-style living experience.
Key Moves:
Bascom acquires Highridge Apartments for $127 million
Property offers 257 units with an average size of 1,157 square feet
Bascom plans interior renovations and amenity enhancements
By The Numbers:
Purchase price: $127,000,000 or $494,163 per unit
Property built in 1972, offering 257 units
Units are 21% larger than the submarket average
Key Quotes:
"Our focus is on making smart, strategic upgrades that will improve the resident experience while increasing the property's long-term value," - Julie Schoenbachler, Senior Vice President of Operations for Bascom
"Highridge Apartments is located in a highly competitive market with one of the tightest vacancy rates in all of Los Angeles County," - Chad Sanderson, Senior Principal at Bascom
"We are excited to convert on this truly generational opportunity," - Joe Ferguson, Acquisitions Manager for Bascom
Bottom Line:
The Bascom Group's acquisition of Highridge Apartments represents a significant investment in a highly sought-after coastal market. With plans for strategic upgrades and a focus on creating a resort-style living experience, Bascom aims to capitalize on the property's unique position in a supply-constrained area with strong housing demand.
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