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Bascom Buys Newly-Built Denver MF for $93M
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The Bascom Group, LLC acquired Modera at Observatory Park Apartments, a 275-unit newly-constructed infill apartment community located in Denver for $92.5 million. The Class A property was designed and constructed by Mill Creek Residential.
Built in 2017, Observatory Park is centrally-located at 1910 S Josephine St., less than a half-mile from the University of Denver campus, with convenient proximity to Denver’s major retail, restaurant and employment centers.
Bascom’s Scott McClave says, “Observatory Park was a rare opportunity to acquire an off-market core-plus asset in an extremely tight market.”
HFF’s Charles Halladay and Jamie Kline arranged the $66.75 million acquisition loan with TH Real Estate. National Realty Advisors, LLC’s Tim Shunta represented the undisclosed seller.
Bascom plans to expand the property’s amenities and improve operations. “Community improvements will include upgrades to the fitness center, pool and common area additions, as well as exterior upgrades and interior enhancements,” says Bascom’s Paul Zakhary.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition

