A 257-unit apartment complex in Rancho Palos Verdes sold for $127 million.
The building, going by the name Highridge Apartments, was purchased by Irvine-based private equity firm The Bascom Group. The deal comes out to roughly $494,000 per unit.
Built in 1972, Highridge Apartments has undergone significant upgrades over the years, including installing new in-unit washers and dryers and enhanced amenities to each unit.
The Bascom Group plans to further renovate by upgrading unit interiors and enhancing amenities to “create a more resort-living experience,” according to a release. These will be led by Texas-based construction management firm SD-Cap.
A rare asset for the area
Units average 1,160 square feet, 21% larger than the South Bay average, according to Bascom Group, and include 28 loft-style residences. Building amenities include two pools and spas, two fitness centers, a tennis court and a clubhouse.
Highridge Apartments is one of only three multifamily communities with over 100 units in Rancho Palos Verdes. It is located just minutes away from the beach and has easy access to shopping and dining experiences, according to a release.
Annie Rice and Jamie Kline of Jones Lang LaSalle Inc. Capital Markets team arranged the debt financing for the acquisition, while AXA Investment Managers US Inc. provided the acquisition loan of $91.1 million.
AMC Property Management, a subsidiary of Advanced Real Estate Services Inc., based in Irvine, will provide property management services to the building’s new ownership.
