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CA-Based Private Equity Firm Pays $5M for Park East

AURORA, CO-Bascom Group LLC, which typically seeks value-added properties, buys the 112-unit complex for $44,643 per sf. Currently, monthly rents for Park East range from $425 to $699.

By John Rebchook | Updated on April 10, 2006

(To read more on the multifamily market, click here.)

AURORA, CO-The Bascom Group LLC of Irvine, CA paid $5 million for the 112-unit Park East apartment community at 456 S. Ironton St. here. The purchase price equates to $44,643 per sf.

The property was privately owned and operated by Park East, LLC. Bascom, founded in 1996, is also a private equity firm. Bascom’s apartment program typically seeks value-added properties and repositions them by adding extensive capital improvements, increasing rents, reducing expenses and implementing institutional-quality property management.

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