Bascom Group Closes $8.45 Million 112-Unit Apartment Community in Denver, Colorado

IRVINE, Calif., Oct. 23, 2014 /PRNewswire/ -- The Bascom Group, LLC has acquired the 112-unit Skyline View apartment community located at 456 South Ironton Street in the Denver Metro submarket of Aurora, Colorado on October 10, 2014 for $8,450,000.  Debt financing was provided by One West Bank and arranged by Gary Mozer and Katie Rodd with George Smith Partners, Inc. The acquisition of Skyline View marks 31 multifamily acquisitions representing 11,744 units since Bascom entered the Colorado market in 2005.

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Paul Zakhary, Director Portfolio Operations and Renovations for Bascom, comments, "Denver is a dynamic and expanding market, and we are excited for the opportunity to purchase Skyline View at an attractive basis that allows us to continue to take advantage of the City's great economic growth story."  Adds Scott McClave, Principal for Bascom, "Skyline View represents an attractive opportunity in the rapidly improving submarket of Aurora, which recently experienced its lowest vacancy level since the first quarter of 2000."

Completed in 1972 and renovated in 2007, Skyline View spans over three acres and showcases a large clubhouse and heated swimming pool. Amenities include a leasing office/clubhouse that features a community room with a cathedral ceiling and fireplace, kitchenette, fitness room, sauna, storage, and changing rooms for the pool. The apartment community has a desirable unit mix of 61% one bedroom, 28% two bedroom, and 11% three bedroom units and has excellent westerly view of the Front Range from the upper units.  

Skyline View enjoys an enticing location two miles from both Interstate 225 and Interstate 70, which lead directly into the heart of downtown Denver. The surrounding neighborhood offers Skyline View residents an abundance of recreational outlets and retail, including Macy's, Dillard's, and Sears. In addition, the property is adjacent to Expo Park, a 57-acre city park that offers tennis courts, softball fields, and the city's 18-hole disc golf course. It is also within two miles of the Lowry redevelopment district with restaurants, retail, and a host of public facilities including a hockey rink, baseball fields, running trails, and an air museum. Finally, the property is only located 2.5 miles away from the $4.3 billion 578 acre Fitzsimons Life Science District Campus. The campus is a redevelopment of the former Fitzsimons Army Hospital that when fully built out will be home to over 18 million square feet of primarily medical office and life science space. 

About Bascom:  Bascom is a 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 extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management.  Bascom has completed over $8.6 billion in multi-family and commercial value-added transactions since 1996 including more than 250 multifamily properties containing over 68,000 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, Real Estate Development Associates, 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.   For additional information, please visit Bascom's website at http://www.bascomgroup.com/.

Contact:  Scott McClave                  
Tel: 949-955-0888 ext 12
Email

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SOURCE Bascom Group

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