DENVER—A venture between The Bascom Group and funds managed by Oaktree Capital Management, has purchased Axis at Nine Mile Station, a 336-unit multifamily property in the DTC/Hampden submarket of Denver.

Los Angeles-based private portfolio lender Mesa West Capital provided the loan of $46.8 million that helped provide for the acquisition.

A portion of the three-year, non-recourse financing will be used to help Bascom implement its value-add investment strategy, repositioning the asset as a luxurious, yet affordable rental community, according to Mesa West principal Steve Fried who headed the origination along with associate Seth Hall.
"Mesa West has been actively financing multifamily properties as it is a product type we like," said Fried. "Bascom has the experience and wherewithal to unlock the underperforming property's significant upside potential and narrow the current rent gap with competing properties in this exciting market."
The multimillion renovation program will include new paint, stainless steel appliances, faux wood plank flooring, crown molding and washer and dryers in units along with significant upgrades to building exteriors, clubhouse, and pool and BBQ area.
Constructed in 1980 and renovated in 2009, the property features a mix of studio, one- and two-bedroom floor plans within four seven-story buildings. Property amenities include two pools, media room/business center, two fitness centers, racquetball, tennis and basketball courts, outdoor dining terrace and dog park. It is located adjacent to the Nine Mile Light Rail Station.
The financing was arranged by Brian Eisendrath of CBRE Los Angeles.
Mesa West Capital is a privately-held debt fund manager and portfolio lender with more than $3 billion in assets under management. With offices in Los Angeles, Chicago and New York City, Mesa West has been one of the leading providers of commercial real estate debt since its founding in 2004.