Bascom Group acquires 228-unit apartment community in Colorado for $16.614 million

The Bascom Group, LLC has acquired Park Place at 92nd, a 228-unit apartment community for $16.614 million. Built in 1974, Park Place has a unit mix consisting of 37% one bedrooms, 47% two bedrooms, and 16% three bedroom units with an average size of 794 s/f. The acquisition for Bascom was managed by Scott McClave and Paul Miszkowicz. The purchase brings Bascom's Denver portfolio to 17 properties totaling 6,852 units and ranking Bascom as the 2nd largest owner in the Denver metro by number of units. Charles Halladay, Josh Simon, Jake Young, and Anthony Ansevin of HFF arranged the financing for the purchase. The on-site property management will be overseen by Apartment Management Consultants. Miszkowicz, senior analyst for Bascom, said, "This represents our fourth acquisition in Denver this year. We are excited about the growth of our presence in the Denver market given the high occupancies and potential for market rent growth." McClave, principal for Bascom, said, "We have been active in sourcing attractive, risk adjusted, off-market, and listed multifamily opportunities throughout the country. Park Place at 92nd represents our 12th acquisition nationally year to date as part of over $600 million in transaction volume."