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.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
We've updated our terms of use.Read them here×