The Bascom Group, an Irvine-based private equity firm, announced it bought Highridge Apartments, a 257-unit apartment complex in Rancho Palos Verdes, from San Mateo-based Essex Property Trust Inc. for $127 million, of $494,163 per unit.
“Highridge Apartments is located in a highly competitive market with one of the tightest vacancy rates in all of Los Angeles County,” Bascom Group senior principal Chad Sanderson said in a statement.
Bascom Group received an acquisition loan from AXA Investment Managers US Inc. to facilitate the purchase. Blake Rogers and Kevin Sheehan of JLL Investment Sales helped broker the deal, representing Essex Property Trust in the transaction.
The property will be managed by AMC and SD-Cap was retained to oversee the property’s planned renovations.
Read more in the March 10 issue of the Business Journal.
