The Bascom Group LLC, a private equity firm, has acquired Highridge Apartments, a 257-unit apartment community in the coastal market of Ranchos Palos Verdes, California, for $127 million.
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. The spacious units average 1,157 square feet – which the company said was 21% larger than the submarket average – and include 28 loft-style residences with soaring ceilings.
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.
Chad Sanderson, senior principal at Bascom, stated, “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.”
