The Bascom Group purchased a 257-unit apartment complex in Rancho Palos Verdes for $127M.

The Irvine-based private equity firm bought the Highridge Apartments at 28125 Peacock Ridge Drive from Essex Property Trust, Commercial Observer reported. Bascom plans to renovate the more than 50-year-old complex.

The sale price works out to $494K per unit. The property is one of only three in Rancho Palos Verdes that contains more than 100 units.

“Highridge Apartments is located in a highly competitive market with one of the tightest vacancy rates in all of Los Angeles County,” Chad Sanderson, senior principal at Bascom, said in a statement to CO.

Brokers Blake Rogers and Kevin Sheehan of JLL represented the seller. JLL's Annie Rice and Jamie Kline arranged a loan for the buyer secured by the property from AXA Investment Managers, CO reported, but the amount wasn't disclosed.

In November, Bascom sold a 406-unit apartment complex at 2414 N. Tustin Ave. in Santa Ana for $129.2M, or $318K per unit. Bascom bought the complex in 2017 for $94M, or $231K per unit.