**Bascom Group Acquires Highridge Apartments for $127M**
The Bascom Group has acquired Highridge Apartments, a 257-unit value-add apartment community in Rancho Palos Verdes, for $127 million, equating to $494,163 per unit.
Annie Rice and Jamie Kline of JLL Capital Markets arranged the debt financing for the acquisition, with AXA Investment Managers US Inc. providing the acquisition loan. JLL’s Investment Sales team, led by Blake Rogers and Kevin Sheehan, represented the undisclosed seller of the 1972-built property. AMC will handle property management, while SD-Cap will oversee planned renovations.
The renovation plans aim to elevate the property to a Class A standard through upgraded unit interiors and enhanced amenities, creating a resort-style living experience.
“Few opportunities of scale ever arise in coastal Southern California, and nearly none in Rancho Palos Verdes,” said Joe Ferguson, acquisitions manager for Bascom. “We are excited to convert on this truly generational opportunity.”
