The Bascom Group LLC on Tuesday purchased the Las Palmas/Laurel Tower Apartment community in San Diego, Calif., for $12 million.
The property, located at 3710-3810 Wabash Ave. and commonly referred to as Las Palmas, is a 132-unit, four-story community built in 1986. It has a total rentable floor area of 97,525 square feet, and features one- and two-bedroom floor plans, with unit sizes ranging from 650 square feet to 850 square feet.
Wabash Hillcrest Regency L.P. sold the property.
Bascom is a private equity firm based in Orange County, Calif., and has acquired more than 39,000 units at more than 157 properties.
