The Bascom Group LLC on Thursday completed its $51.7 million acquisition of a 440-unit apartment community in Denver, Colo., bringing its multifamily holdings in the area to 14 with a total of 5,038 units.
The property, Lakecrest at Gateway Park, was built in 2001 on more than 13.7 acres. There are 216 one-bedroom apartments, 144 two-bedroom apartments and 80 three-bedroom apartments. Unit sizes range from 752 square feet to 1,314 square feet with an average of 969 square feet.
Amenities include access to a private lake, fitness center, aerobics facility, tot lot, sand volleyball court, sports field, pool and sauna, kitchen, theater-style entertainment center and billiards room.
Bascom purchased the asset from The Pauls Corp., a Colorado-based commercial real estate development and management company.
According to a press statement, Bascom has budgeted three-quarters of its renovation funds for unit interior upgrades.