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 7th 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.

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