The Bascom Group, LLC 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 Marcus & Millichap Capital Corporation (MMCC) arranged the debt financing on behalf of 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 and real estate firm offering commercial and residential management and brokerage services, oversees property management at the community.
Located at 729 S Union Avenue on the edge of Downtown Los Angeles, The Charleston Apartments carries a century-long history tied closely to the rapid modernization of Southern California. Built in 1924 during a massive population and real estate boom, the four-story property was originally named the Sonora Apartments before 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.
Constructed primarily out of unreinforced brick masonry, the mid-rise structure was built around the concept of high-density efficiency. Rather than sprawling multi-room family flats, the property featured 133 distinct units, primarily ultra-compact micro-studios spanning roughly 200 square feet. It offered affordable urban living with the built-in conveniences of its era, including an elevator and innovative bathroom spaces such as the sunken bathtubs that remain a vintage quirk of some units today. The design catered 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.
The building’s surroundings have transformed dramatically over the decades. During the 1920s, the Westlake district, then centered on what was known as Westlake Park, stood at the absolute zenith of its prestige and was often called the Champs-Elysees of Los Angeles. It served as an opulent, high-society retreat on the western edge of downtown. As Westlake evolved into a dense, working-class transit hub, The Charleston shifted from a trendy 1920s mid-rise into a critical pocket of naturally occurring affordable housing. 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 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. Residents have convenient access to Downtown Los Angeles, Koreatown, major employment centers, and a wide range of retail, dining, and transit options. The property’s proximity to Downtown and major transit corridors continues to support resident demand and long-term value creation.
Jim Singleton, Principal at Bascom, noted that the firm was very pleased with the outcome of the refinancing, particularly given the challenging debt market environment. He said the successful execution 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. Lee Nguyen, Principal at Bascom, added appreciation for the efforts of the MMCC team in securing a financing solution that supports the firm’s long-term investment objectives.
Since 1996, The Bascom Group has completed over $23 billion in multifamily value-added transactions encompassing 368 properties and more than 94,272 units. The firm’s commercial transaction volume totals $5.8 billion across more than 23.4 million square feet, and Bascom has ranked among the top 50 multifamily owners in the United States.