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

This acquisition is Bascom's ninth multifamilyproperty purchased through its discretionary equity fund. Bascomplans to invest additional capital to renovate the interior unitsand install high-tech features into the property. According toChad Sanderson, Bascom principal, the propertyfits perfectly with the company's investment strategy, which is to“acquire well-located properties with a value-add upside.” Inaddition to the value-add angle, the property is located in anemerging San Pedro location only three blocks from thewaterfront redevelopment. Bascom did not respond to arequest for comment prior to the publication of this story.

The four-story building was originally constructed in 2008 andincludes one level of subterranean parking. The interior unitsaverage 1,440 square feet and feature open floor plans, 10- to20-foot ceilings and high-end finishes, including wood-plankflooring, stainless steel appliances, and large roman bathtubs. Thebuilding amenities include a fitness center and largecourtyards.