Bascom Expands Colorado Portfolio

The Bascom Group has acquired two adjacent apartment properties in Colorado Springs with its affiliate The Axton Group. The acquisition included Summer Grove Apartments and Tanglewood Apartment Homes, purchased for a total of $41.25 million.

Summer Grove is a 374-unit community and was acquired for $31 million or $82,887 per unit. Tanglewood is a 112-unit community and was purchased for $10,150,000, or $90,625 per unit.

Jake Young at CBRE brokered the transaction. Brian Eisendrath and Annie Rice at CBRE arranged the debt financing with Don Broderick and Erik Frandsen at TCF Bank.