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.
R.W. Selby is an owner and operator of apartments throughout Southern California, with a portfolio of more than 3,000 units.
Bascom, which owns about 6,500 apartment units in Southern California, acquires investment properties in joint ventures with equity partners, typically in value-added plays.
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