Bascom bought the property from GTS Property of Las Vegas Inc., with Sonny Astani of Lambert Smith Hampton representing buyer and seller. Bascom says MacBeth Apartment Systems will be providing property management services.
Built in 1924, the eight-story Park Wilshire consists of 133 studio apartments, 35 one-bedroom units and two two-bedroom designs. The units average 480 sf and rent for $650 to $1,300 per month. The complex features a neoclassical lobby and garden courtyard, secured entry, laundry facilities, elevator and parking.
The building is in the Mid-Wilshire/Koreatown area of Los Angeles, an area known for gentrification as developers renovate buildings and night life flourishes. Apartments in the area are popular with renters seeking eclectic and trendy places.
Bascom has been one of the most active buyers of apartments throughout the Southern California region over the past seven years, known for its many value-added plays. It has closed more than 8,000 units to date in Los Angeles, Orange, San Bernardino, San Diego and Riverside counties.
Derek Chen, Jerome Fink and David Kim founded the private equity fund in 1996. Besides the apartment portfolio, Bascom has acquired about 3.5 million sf of industrial product via the Southern California Industrial Fund, a joint venture with the Magellan Group of Los Angeles, and also is one of the largest privately held owner of executive suites in Southern California.
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