The Bascom Group has acquired Highridge Apartments, a 257-unit value-added apartment community in the coastal community of Ranchos Palos Verdes, Calif. The purchase price was $127 million or $494,163 per unit. JLL Capital Markets arranged the debt financing for the acquisition, while AXA Investment Managers U.S. provided the acquisition loan. The JLL Investment Sales team represented the seller.
Highridge Apartments is an institutionally owned property built in 1972 that has undergone upgrades over the years, including new in-unit washers and dryers and enhanced amenities. The units average 1,157 square feet 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. Located along Highridge Road, the community is minutes from ocean views as well as shopping and dining.
Bascom plans to further elevate the pr
