Joint Venture Spins Off Two Colorado Springs Rental Communities
An affiliate of The Axton Group and The Bascom Group, LLC have closed on the sale of two multifamily communities, Park at Penrose and Park at Palmer, in Colorado Springs, Colorado, for $74.1 million. Park at Penrose with 374 units, and Park at Palmer with 112 units, are situated along N. Academy Boulevard near Austin Bluffs Parkway.
The Axton / Bascom Partnership purchased the properties for $41.15 million in June 2019 and completed a multi-year renovation program to upgrade the apartment units and community amenities, resulting in renovation rent premiums. Nearby local employers include Amazon and FedEx, located near the Colorado Springs Airport, which is only a 15-minute drive from the properties. The nearby I-25 provides property residents easy access to many major employment hubs and a direct one-hour commute to Denver.
The Partnership successfully re-financed the properties in February 2022.