Bascom buys L.A. apartment complex

Unit size averages 350 square feet

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The Bascom Group has acquired the historic William Penn Apartments, a 189-unit apartment community in Los Angeles. The value of the transaction was approximately $9.7 million. Irvine, Calif.-based Bascom purchased the property, located at 2200 West 8th St., from 2200 W. 8th Street LLC. The William Penn unit mix consists of efficiency and studio units ranging in size from 250 to 450 square feet. The property features a large, spacious lobby, enclosed courtyard, storage area and one ground-floor commercial space. The property recently underwent a significant building systems renovation and Bascom plans to do additional renovations. A few of the improvements include: upgrading the unit kitchenettes and bathrooms; enhancing the lobby and restoring the property's historic decor; and adding community barbeques and picnic tables to the community courtyard.  William Penn is located in the Westlake district, which sits between Downtown Los Angeles and the Mid-Wilshire district. ...