SAN PEDRO, CA - The Bascom Group, LLC has acquired San Pedro Bank Lofts, a luxurious 89-unit condominium-mapped, loft style apartment community located at 407-409 West 7th Street, San Pedro, California, for $23,800,000, or $267,416 per unit. Brian Eisendrath and Brandon Smith of CBRE Capital Markets arranged the debt financing, with GE Capital providing the new loan. Brian Russell with Eastdil Secured was the broker for the sale.
Chad Sanderson, Principal for Bascom, adds, "San Pedro Bank Lofts is the ninth multifamily acquisition for our second discretionary equity fund. This property fits well into our core business model, which is to identify well located properties with value-add upside."
Just three blocks from the waterfront, San Pedro Bank Lofts is located in heart of the San Pedro Arts District in Los Angeles County. Constructed in 2008 as a condominium project, the property is a four -story project over one level of subterranean parking in two buildings. The main building incorporates the original terra cotta facade of the 1920s vintage San Pedro Bank. Units average a vast 1,440 sf., with 50 percent of the units being true loft-style units with 20' ceilings, while the balance are flats with 10' foot ceilings. All units have large open floor plans with high end kitchen finishes, stainless steel appliances, wood plank flooring, large roman tubs, and dual vanities. Public amenities include a fitness center and four public courtyards.
Lee Nguyen, Portfolio Manager with Bascom says, "Bascom plans to make upgrades to the units to include a technology package to ensure state of the art interior amenities." Scott McClave, Principal for Bascom, comments, "San Pedro Bank Lofts represents a great opportunity for Bascom to purchase a rare asset in a vibrant and emergent coastal infill location at a great price. We are very excited about the opportunity as we feel the property is in a prime position to benefit from the significant redevelopment of San Pedro's waterfront."
Source: Bascom Group / #Multifamily #Apartments