#USA #Los Angeles #Bascom Group #Charleston Apartments

Bascom Group Completes $8.5 Million Financing for Charleston Apartments

The Bascom Group, LLC has recently finalized a significant refinancing deal worth $8.5 million for The Charleston Apartments, a historic and multifamily complex situated in the vibrant Westlake neighborhood of Los Angeles. This iconic property comprises 133 units and boasts a history that dates back nearly a century, reflecting the transformative progression of Southern California from its modernization era.

The Financing Journey

The debt financing arrangement was expertly handled by Marcus Millichap Capital Corporation (MMCC), represented by a skilled team including Michael Derk, Daizy Gomez, Linsey Farrahi, and Zack Metzner. The loan was provided by CalPrivate Bank, with Senior Vice President and Senior Relationship Manager Anthony Lopo leading the representation.

Ingenious Asset Group, Inc., a well-established property management firm based in Los Angeles, oversees the operations of The Charleston Apartments, ensuring both the property and its management are handled with the utmost professionalism.

A Jewel of History

The Charleston Apartments are located at 729 S Union Avenue, strategically positioned on the fringe of Downtown Los Angeles. This four-story, historic building was originally constructed in 1924 and has since evolved from a fashionable residence of the 1920s into a vital affordable living space within the Westlake/MacArthur Park district. The property was originally known as the Sonora Apartments before transitioning to its current name.

Designed with a quintessential U-shaped footprint that was popular throughout the 1920s, The Charleston promotes excellent airflow and natural lighting, enhancing the quality of life for its residents. Constructed mainly from unreinforced brick masonry, this building targeted a burgeoning demographic of single urban dwellers, transient workers, and young couples seeking proximity to the downtown core while maintaining budget-friendly living conditions.

The apartments are compact, primarily featuring ultra-compact micro-studios about 200 square feet in size. They come with several built-in conveniences from their era, such as an elevator and unique bathroom designs, including picturesque sunken bathtubs that still add charm to some units today.

A Hub of Accessibility

As Los Angeles experienced a population surge in the 1920s, the demand for dense and stylish housing options in the vicinity of downtown soared. Developers responded to this need by erecting mid-rise brick micro-apartments like The Charleston, appealing to single urban professionals attracted to the burgeoning luxury of the Westlake district.

Currently, The Charleston Apartments offer one of the most affordable points of entry for potential renters on the outskirts of Downtown LA while preserving the original architectural designs from 1924, including its vintage elevator and the enduring brick aesthetics.

Situated in the heart of the Westlake area, known for its dense population and central location, these apartments provide residents easy access to Downtown Los Angeles, Koreatown, major employment centers, as well as a diverse selection of retail and dining options. The Westlake neighborhood, once heralded as the