Bascom acquires 52nd Marketplace for $21.6 million

Arvada, CO The Bascom Group, LLC has acquired 52nd Marketplace, a 157-unit multifamily community for $21.6 million. The property, situated within the western portion of metro Denver, offers residents convenient access to all Denver’s major employment corridors. Debt financing was arranged by Brian Eisendrath of CBRE. 52nd Marketplace, which was built in two phases (the first in 1974 and the second in 2003), consists of four residential three and four story buildings and one stand-alone leasing center. The unit mix is comprised of 71% one bedroom units, and 29% two bedroom units. Paul Zakhary, director for Bascom, said, “We acquired a well-built, centrally located asset that is ideally positioned in its submarket to benefit from revenue-enhancing capital improvements. Hopefully we can buy a few more like this before the year ends.” Julie Schoenbachler, senior vice president of portfolio operations for Bascom said, “Arvada, Colorado and the surrounding markets continue to show strong apartment fundamentals and household economic statistics relative to other submarkets. 52nd along with the neighboring properties are all high 90s occupancy with healthy resident analytics.”