Bascom Group Adds 486 Units to Colorado Portfolio

Bascom Group, in partnership with the Axton Group, expanded its Colorado portfolio by 486 units, with the acquisition of two Colorado Springs apartment complexes. The Irvine, CA-headquartered buyer paid seller Vukota Capital Management $31 million for the 374-unit Summer Grove Apartments, and $10.1 million for the 112-unit Tanglewood Apartments.

Summer Grove and Tanglewood were built in 1971 and 1972, respectively, and are at 3802 and 3803 Half Turn Rd. CBRE’s Jake Young brokered the transaction, while Brian Eisendrath and Annie Rice, also with CBRE, arranged debt financing with Don Broderick and Eric Frandsen at TCF Bank.

“This submarket has seen very little new construction of multifamily communities over the past several years, considering the significant pace of population growth and strong demographic fundamentals,” said Bascom’s Paul Zakhary. “We see this acquisition as an excellent opportunity to complete improvements to these properties, while still offering tenants an attractive and affordable place to live.”

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