Bascom Group Pays $127M for L.A. South Bay Apartment Complex
The property is one of only three multifamily complexes in Rancho Palos Verdes to feature over 100 units
By Nick Trombola March 3, 2025 2:10 pm
reprints
While much of the attention on housing in Southern California lately has focused on wealthy enclaves in the north end of the Los Angeles Basin, Irvine-based The Bascom Group is instead making moves in the region’s South Bay.
The private equity firm has paid $127 million for the 257-unit Highridge Apartments at 28125 Peacock Ridge Drive in Rancho Palos Verdes, a wealthy coastal enclave on the southwestern tip of the L.A. Basin, south of the Beach Cities and west of Long Beach. JLL (JLL)’s Blake Rogers and Kevin Sheehan represented the seller, which records show is L.A.-based Essex Property Trust. JLL’s Annie Rice and Jamie Kline arranged an acquisition loan from AXA Investment Managers tied to the property, but the value was not immediately disclosed.
“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, said in a statement.
The multifamily complex, built in 1972, is one of only three with over 100 units across Rancho Palos Verdes, according to Bascom, and features units 21 percent larger than the average apartment size in the city. The firm plans to renovate unit interiors, as well as upgrade amenities to make the complex more “resort-style.”
“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, added in a statement.
A representative for Essex Property Trust did not immediately respond to a request for comment.
Nine-figure deals for multifamily buildings in the South Bay aren’t as common as in the north end of Los Angeles, but investment activity has picked up over the past few months.
In January, Bell Partners landed a $73 million refinancing loan tied to the 216-unit Bell South Bay Apartments in El Segundo. Funds overseen by KKR provided the loan. In nearby Torrance meanwhile, Tokyo-based firm Koto Estate Company paid $71.5 million for The Highlands, a 121-unit property less than four miles northeast of Bascom’s new Rancho Palos Verdes asset.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
