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Bascom Pays $61M for 562 Units

DENVER, CO-The Bascom Group pays Principal Life Insurance Co. $108,815 a unit for the 24.2-acre development built in stages in 1999 and 2002.

By Brian K. Miller | Updated on July 28, 2008

DENVER, CO-Gleneagles Apartments–a 562-unit class A apartment property in Northglenn, CO–has changed hands for $60.8 million or $108,815 per unit. The Bascom Group LLC is the new owner. The seller was Principal Life Insurance Co. The sale closed on Monday, July 28, according to Bascom.

Located along 120th Avenue in Northglenn, a northern suburb of Denver on Interstate 25, Gleneagles consists of mostly two and three-bedroom units spread over 24.2 acres. The complex was constructed in two phases, one in 1999 and the other in 2002. The asset will be managed by Apartment Management Consultants.

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