Bascom Takes Denver Apartment Community off the Market
- Sep 04, 2015
The Bascom Group LLC of Orange County, Calif. is putting its money on the Mile-High City’s strong multifamily market.
In an off-market transaction, Bascom acquired the 157-unit 52nd Marketplace apartment community in Arvada, Colo. for $21.6 million. Debt financing for the asset was arranged by CBRE’s Brian Eisendrath.
Located at 7797 W. 52nd Ave., just eight miles west of downtown Denver, the property was previously owned by Santa Monica, Calif.-based Cooper Properties, according to Yardi Matrix data. The community was developed in two separate phases—the first phase was completed in 1974, and the second in 2003.
52nd Marketplace is comprised of four three- and four-story residential buildings and one stand-alone leasing center. Community amenities include a fitness center, clubhouse, business center, swimming pool, 219 parking spaces, a tennis court, and two laundry facilities. Residents also benefit from easy access to Denver’s major employment corridors and Olde Town Arvada.
According to Paul Zakhary, director for The Bascom Group, the property is “ideally positioned in its submarket to benefit from revenue-enhancing capital improvements.”
“Arvada, Colorado and the surrounding markets continue to show strong apartment fundamentals and household economic statistics relative to other submarkets,” said Julie Schoenbachler, senior vice president of Portfolio Operations for The Bascom Group. “52nd along with the neighboring properties are all high 90s occupancy with healthy resident analytics,” she explained.
Image courtesy of The Bascom Group