ARVADA, CO—The Bascom Group, LLC has acquired 52nd Marketplace, a 157-unit multifamily community located in rapidly improving submarket of Arvada 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.
Community amenities include a clubhouse, fitness center, business center, pool, poolside BBQ area, and two laundry facilities. 52nd is just eight miles west of Downtown Denver, walking distance to Olde town Arvada, and surrounded by several major retailers and employers. The Denver multifamily market has been one of the top five rental markets in the U.S. over the last four years.
“We acquired a well-built, centrally located asset that is ideally positioned in its submarket to benefit from revenue-enhancing capital improvements,” said Paul Zakhary, director for Bascom. ”Hopefully we can buy a few more like this before the year ends.”
Julie Schoenbachler, senior vice president of portfolio operations for The Bascom Group adds, “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.”
The Bascom Group, LLC is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Founded by principals Jerry Fink, David Kim and Derek Chen, the firm is one of the most active and seasoned buyers and operators of apartment communities in the United States. Bascom has completed over $9.5 billion in multi-family and commercial value-added transactions since 1996 including more than 250 multifamily properties containing over 66,000 units.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
