The Bascom Group has purchased Highridge Apartments, a 257-unit complex in Rancho Palos Verdes, for $127 million. Plans for extensive renovations are set to update the 53-year-old interiors to a resort-style living experience. The apartment complex, featuring larger units and significant amenities, was bought from Essex Property Trust. Brokers from JLL facilitated the deal, which reflects a growing trend of substantial investments in the South Bay. The competitive Los Angeles market retains tight vacancy rates, underlining the property’s lucrative potential, supported by diverse financing options.
Bascom's recent acquisition of a $127 million apartment complex highlights the increasing interest in investments within the South Bay region, emphasizing a trend towards upscale remodeling.
The company's planned renovations aim to elevate the Highridge Apartments into a more resort-style living experience, with an emphasis on upscale features and amenities.
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