Irvine, Calif.-based The Bascom Group acquired a 161-unit oceanfront apartment community known as the Harbor Cove Apartments in Redondo Beach, Calif.
The value of the transaction was $26 million.
Lyon Trust was the seller of the property, located at 211 Yacht Club Way.
Built in 1968, the apartment community consists of two three-story buildings with 40 efficiency apartments, 27 studio apartments, 42 one-bedroom one-bath apartments, 47 one-bedroom two-bath loft apartments and 5 two-bedroom two-bath loft apartments totaling 161 units with an average size of 715 square feet.
Adolph James of Shorewood Realtors represented the buyer and the seller.
Bascom buys multifamily properties throughout Southern California, Central California and Hawaii.
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