The Bascom Group Completes $8.5 Million Refinancing of Historic Charleston Apartments in Downtown Los Angeles

IRVINE, Calif., Aug. 26, 2026 /PRNewswire/ -- The Bascom Group, LLC ("Bascom") has completed an $8.5 million refinancing of The Charleston Apartments, a 133-unit historic multifamily community located in the Westlake neighborhood of Los Angeles.

Michael Derk, Daizy Gomez, Linsey Farrahi, and Zack Metzner of the Marcus & Millichap Capital Corporation ("MMCC") arranged the debt financing for Bascom. The loan was provided by CalPrivate Bank, represented by Senior Vice President and Senior Relationship Manager Anthony Lopo. Ingenious Asset Group, Inc., a Los Angeles property management & real Estate firm that offers commercial and residential management & brokerage services, oversees property management.

The Charleston Apartments, located at 729 S Union Avenue on the edge of Downtown Los Angeles, has a rich century-long history tied closely to the rapid modernization of Southern California. Built in 1924, the building has transitioned over the decades from a fashionable 1920s residence into a vital pocket of affordable housing in the Westlake/MacArthur Park district. The Charleston Apartments is a four-story multifamily property comprising 133 apartment units. The building was constructed in the early 1920s during a massive population and real estate boom in Los Angeles. During this era, the Westlake district (surrounding MacArthur Park, then known as Westlake Park) was one of the most desirable, fashionable, and densely populated residential areas in the city.

Originally named the Sonora Apartments before later being rebranded as The Charleston, it was designed in a classic U-shaped footprint, a highly popular architectural layout of the 1920s that maximized airflow and natural sunlight for every unit. Built primarily out of unreinforced brick masonry, the four-story mid-rise structure was designed to cater to the city's rapidly growing demographic of single urban workers, transient professionals, and young couples who wanted to live near the bustling downtown core without needing a car.

From its inception, the property was built around the concept of high-density efficiency. Rather than sprawling multi-room family flats, the Sonora/Charleston featured 133 distinct units—primarily ultra-compact micro-studios spanning 200 square feet. It offered affordable urban living featuring built-in conveniences of the time, such as an elevator and innovative bathroom spaces (including distinct sunken bathtubs that remain a vintage quirk of some units today).

As Los Angeles exploded in population during the 1920s, a demand for dense, fashionable housing close to downtown arose. This prompted developers to step in and build stylish, mid-rise brick micro-apartments—such as the Charleston Apartments—to cater to single urban professionals and workers who wanted to be near the luxury of the Westlake district without paying mansion prices. Today, it operates as one of the most affordable entry-level apartment buildings on the periphery of Downtown LA, retaining its original 1924 layout, vintage elevator, and century-old brick character.

The apartment community is in the Westlake area, one of Los Angeles' most densely populated and centrally located neighborhoods, offering residents convenient access to Downtown Los Angeles, Koreatown, major employment centers and a wide range of retail, dining, and transit options. During the 1920s, the Westlake district—later renamed the Westlake/MacArthur Park district—was at the absolute zenith of its prestige. Far from the densely populated, transit-dependent working-class neighborhood it is today, 1920s Westlake was known as the "Champs-Élysées of Los Angeles." It served as an opulent, high-society suburban retreat situated just on the western edge of downtown. As the Westlake neighborhood transitioned over the decades into a dense, working-class transit hub, the building shifted from its origins as a trendy 1920s mid-rise to a critical pocket of naturally occurring affordable housing.

The Westlake submarket remains one of Southern California's most dynamic rental housing markets, benefiting from its central location and strong connectivity to employment hubs throughout the greater Los Angeles region. The Charleston Apartments' proximity to Downtown Los Angeles and major transit corridors continue to support resident demand and long-term value creation.

"We are very pleased with the outcome of this refinancing, particularly given today's challenging debt market environment," said Jim Singleton, Principal at Bascom. The successful execution of this financing demonstrates the quality of The Charleston Apartments, the strength of its location within Los Angeles, and the continued confidence lenders have in well-positioned multifamily assets. Added Lee Nguyen, Principal at Bascom, "We appreciate the efforts of Michael Derk, Daizy Gomez, Linsey Farrahi, and Zack Metzner at MMCC in securing a financing solution that supports our long-term investment objectives."

About Bascom: The Bascom Group, LLC is a minority-owned private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Derek Chen, Jerry Fink, and David Kim, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $23.0 billion in multifamily value-added transactions encompassing 368 multifamily properties and over 94,272 units. Bascom's commercial transaction volume is $5.8 billion in total and amounts to over 23.4 million square feet. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom's subsidiaries and joint ventures include the Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, Realm Group, Consolidated Real Estate Strategies, Meridian Bascom Ventures, and BG Pearce. Bascom's subsidiaries also include Premier Workspaces, one of the largest privately held executive suite, coworking and shared workspace companies in the U.S. For additional information, please visit bascomgroup.com.

Contact: Lee Nguyen / Jim Singleton

Tel: (949) 955-0888 ext. 128 / (949) 955-0888 ext. 116

Email: [email protected] 

SOURCE The Bascom Group