Bascom Buys $26M Complex

The buyer and the seller were represented by Adolph James of Shorewood Realtors. Wells Fargo Bank provided the acquisition financing, with Gary Mozer and Lee Norman of Century City-based George Smith Partners securing the loan. Scott McClave, VP of acquisitions for Bascom who oversaw the purchase, says the firm has retained Woodland Hills-based Stratus Real Estate Inc. as property manager for the new acquisition.Built in 1968, the Harbor Cove complex consists of two three-story buildings with 40 efficiency apartments; 27 studio apartments; 42 one-bedroom, one-bath units; 47 one-bedroom, two-bath loft units; and five two-bedroom, two-bath loft apartments. The apartments average 715 sf.

Additionally, the property includes the Chart House Restaurant fronting the ocean in 9,000 sf. The Chart House Redondo Beach site is the chain's best performing location in the Western US. The property sits on the sand fronting the Pacific Ocean and is spread over 3.7 acres, with nearly every apartment affording views of either the ocean or the King Harbor Marina. Asking rents range from $888 to $2,500. Bascom notes that the property is directly adjacent to King Harbor to the south and the Hermosa Beach Strand to the north. The surrounding area features major employment, retail and shopping venues, along with a variety of recreational facilities. It is close to the 405 and 105 freeways and Los Angeles International Airport. "Being on the high tide mark with epic unobstructed views from Palos Verdes to Malibu is truly amazing," McClave says. He notes that the property includes some "exceptional penthouse loft units" with 20-ft, floor-to-ceiling windows to maximize views." Although the term "irreplaceable asset" is often thrown around loosely, McClave says, the Harbor Cove property truly lives up to the phrase.