LOS ANGELES—The Bascom Group has acquired the San Pedro Bank Lofts complex in the San Pedro neighborhood of Los Angeles for $23.8 million. Located at 407-409 West 7^th St., the property has 89 luxury condominium-mapped, loft-style units.

This acquisition is Bascom's ninth multifamily property purchased through its discretionary equity fund. Bascom plans to invest additional capital to renovate the interior units and install high-tech features into the property. According to Chad Sanderson, Bascom principal, the property fits perfectly with the company's investment strategy, which is to “acquire well-located properties with a value-add upside.” In addition to the value-add angle, the property is located in an emerging San Pedro location only three blocks from the waterfront redevelopment. Bascom did not respond to a request for comment prior to the publication of this story.

The four-story building was originally constructed in 2008 and includes one level of subterranean parking. The interior units average 1,440 square feet and feature open floor plans, 10- to 20-foot ceilings and high-end finishes, including wood-plank flooring, stainless steel appliances, and large roman bathtubs. The building amenities include a fitness center and large courtyards.

Brian Russell of Eastdil Secured represented Bascom in the transaction. In addition to purchasing the property, Bascom also secured debt financing in a loan funded by GE Capital. Brain Eisendrath and Brandon Smith of CBRE capital markets arranged the financing on behalf of Bascom.