Bascom makes $190M multifamily purchase

Acquires massive complex in Mile-High City

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The Bascom Group LLC has purchased The Breakers Resort, a 1,523-unit luxury apartment community in Denver, Colo. The value of the transaction was $190.5 million. The Breakers Resort, located at 9099 East Mississippi Ave., is a class A, luxury resort community built around a 50-acre man-made marina (Sunfish Lake). The community is comprised of six development phases (Oyster Keys, Friday's Harbor, Marble Head, Gold Coast, Winter Beach, and Boundary Bay). Unit sizes range from 650 square feet up to 1,809 square feet with an average of 1,019 square feet. The seller of the property was the original development team and joint venture between The Feld Co. and Koelbel and Co., who conceived of the project and began development in 1989. Also being acquired with the Breakers is Pride's Crossing, an 18.2-acre additional land parcel that is fully entitled for condominium construction. It allows for the development of more than 600 units in buildings with heights of up to 150 feet. ...