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Bascom Sells 105 Units for $18.6M

REDONDO BEACH, CA-Los Angeles-based R.W. Selby & Co. acquires a 105-unit apartment project constructed in 1971. The Bascom Group of Irivine had owned it since 1998.

By Bob Howard | Updated on August 27, 2002

REDONDO BEACH, CA-R.W. Selby & Co. of Los Angeles bought the 105-unit Esplanade Village Apartments at 616 Esplanade Ave. from The Bascom Group of Irvine for $18.6 million.

The complex was built in 1971 and is across the street from the Pacific Ocean near the Redondo Beach Pier and King Harbor Marina, according to Ray Eldridge, Sean Deasy and Chris Knowles of CB Richard Ellis, who represented the seller.

David Kim, a principal of The Bascom Group, tells GlobeSt.com that the company acquired the property in March 1998, renovated it in 2001 and had about $12 million invested in it. The property, which was 95% occupied at the time of the sale, includes 68 one-bedroom units, 21two-bedroom apartments and 16 studios.

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