Bascom Closes Off-Market 228-Unit Apartment Community in Westminster, Colorado for $16,614,000
IRVINE, Calif., Oct. 4, 2012 /PRNewswire/ -- The Bascom Group, LLC has acquired Park Place at 92nd, a 228-unit apartment community in Westminster, Colorado for $16,614,000 or $72,868 per unit. Built in 1974, Park Place has a unit mix consisting of 37% one bedrooms, 47% two bedrooms, and 16% three bedroom units with an average size of 794 sq. ft. Each unit includes modern appliances, private patios/balconies, central HVAC, resurfaced countertops, ceiling fans, one piece tub surrounds, new flooring, and outside storage. Select units include two-tone paint with accent wall and brushed nickel finishes. Park Place is surrounded by major freeways including Interstate 25, 76, 270, and 70, as well as Highway 36 which provide easy access to all major job centers in the Denver metro.
The acquisition for Bascom was managed by Scott McClave and Paul Miszkowicz. The purchase brings Bascom's Denver portfolio to 17 properties totaling 6,852 units and ranking Bascom as the 2nd largest owner in the Denver metro by number of units. Paul Miszkowicz, Senior Analyst for Bascom, comments, "This represents our fourth acquisition in Denver this year. We are excited about the growth of our presence in the Denver market given the high occupancies and potential for market rent growth."
Scott McClave, Principal for Bascom, comments, "We have been active in sourcing attractive, risk adjusted, off-market, and listed multifamily opportunities throughout the country. Park Place at 92nd represents our 12th acquisition nationally year to date as part of over $600M in transaction volume."
Charles Halladay, Josh Simon, Jake Young, and Anthony Ansevin of HFF arranged the financing for the purchase. The onsite property management will be overseen by Apartment Management Consultants.
About The Bascom Group, LLC: The Bascom Group, LLC (http://www.bascomgroup.com) is a private equity firm specializing in the acquisition, reposition, and disposition of value-added multifamily, non-performing loans and commercial assets as well as other real estate related investments and operating companies. Bascom sources value-added and distressed properties and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom has completed over $6.7 billion in multi-family and commercial value-added transactions since 1996 including more than 200 multifamily properties totaling over 58,000 units. Bascom currently ranks among the top 50 multifamily owners in the US. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Investors, Bascom Northwest Ventures, Bascom Arizona Ventures, and the Realm Group. Bascom's subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the US.
If you'd like to schedule an interview with one of the partners, please call Scott McClave (949-955-0888 ext 12) or via e-mail at firstname.lastname@example.org.
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SOURCE The Bascom Group, LLC