Irvine-based Bascom Group Acquires Highridge Apartments in Rancho Palos Verdes for $127M

Irvine-based The Bascom Group, LLC has acquired Highridge Apartments, a 257-unit value-add apartment community in the coastal community of Ranchos Palos Verdes. The purchase price was $127 million 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. 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.

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, stated, “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 the coastal Rancho Palos Verdes enclave.

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.”