Strategic Acquisition by The Bascom Group
The Bascom Group, LLC has taken a significant step in expanding its portfolio with the acquisition of Highridge Apartments, a notable 257-unit value-add apartment community. This coastal gem, recently purchased for $127 million, offers a compelling investment opportunity thanks to its desirable location and spacious units.
Highridge Apartments: A Jewel in the Market
Highridge Apartments stands out as an impressive property, marked by its high-quality construction from 1972 and numerous upgrades over the years. Residents benefit from modern features like in-unit washers and dryers, along with enhanced amenities that foster a community atmosphere. Furthermore, the average unit size of 1,157 square feet is 21% larger than comparable properties, appealing to those looking for spacious living.
Planned Enhancements to Elevate Living Experience
Renovations and Upgrades
Bascom's plans for Highridge Apartments are ambitious and focused on upgrading the interiors to Class “A” standards, along with enhancing the community’s amenities. Julie Schoenbachler, Senior Vice President of Operations at Bascom, emphasizes their strategy of making thoughtful improvements to further enrich residents' experiences, thereby increasing the property’s value over time.
Location and Demographics Enhance Appeal
Situated in a highly sought-after coastal enclave renowned for its natural beauty and quality of life, Highridge Apartments is conveniently located near stunning ocean vistas and prime shopping. This area boasts excellent schools, a high average annual household income that attracts a higher-end demographic, and a tight housing market, making properties in this locale especially desirable.
Pioneering a Competitive Market
Unique Investment Opportunity
Chad Sanderson, Senior Principal at Bascom, notes the tremendous potential of Highridge, which is one of only three multifamily communities in the area with over 100 units. This limited supply, coupled with strong demand, makes it a rare investment opportunity.
The Bascom Group's Track Record
Since its founding in 1996, The Bascom Group has been at the forefront of real estate investments in Southern California. With a significant history of successful acquisitions, the firm has amassed a portfolio of nearly 100 multifamily properties totaling almost 16,000 units. Their commitment to operational excellence and property upgrades positions them as a leader in the space.
Future Directions for The Bascom Group
Bascom remains dedicated to finding and rehabilitating underperforming properties. Their strategic vision includes enhancing properties through better management and targeted renovations, thus ensuring sustained growth and value creation. Joe Ferguson, Acquisitions Manager for Bascom, expressed excitement about the unique scale of this opportunity in the coastal market.
Frequently Asked Questions
What is the significance of the acquisition of Highridge Apartments?
The acquisition expands The Bascom Group's portfolio and enhances their market presence in a highly competitive rental environment.
What amenities does Highridge Apartments offer?
Highridge Apartments features two pools, spas, fitness centers, a tennis court, and a clubhouse, providing residents with various leisure options.
How does the size of the apartments compare to other properties?
The average unit size at Highridge is 1,157 square feet, which is larger than the average in the surrounding submarket.
What are the plans for renovations at Highridge?
Bascom plans to renovate unit interiors to a Class “A” standard and enhance community amenities for a more resort-style living experience.
Why is the location of Highridge Apartments significant?
Highridge Apartments is located in a highly desirable area known for its scenic beauty, excellent schools, and high household income, making it attractive for residents.
