Bascom Group Buys Value-Add Apartment Community in Rancho Palos Verdes, Highridge Apartments, for $127M ($498k/unit) from Essex

2/28/0205

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REBusinessOnline

• Subcategory: MF: Market Rate

• Tag: Sale

• Additional Filters-Subcategory: Capital Markets: Fund-Value Added, MF: Garden

• Additional Filters-Tags: Sale: Investment, Sale: Single Property

• Company: Bascom Group, Essex Property Trust (NYSE: ESS)

The Bascom Group has acquired Highridge Apartments, a value-add multifamily property in Ranchos Palos Verdes, for $127 million, or $494,163 per unit. Built in 1972, Highridge Apartments has undergone significant upgrades and renovations over the years, including the addition of in-unit washers/dryers and enhanced amenities.