The Bascom Group LLC on Thursday announced its third multifamily acquisition in the Denver, Colo., area since June of this year with the recent purchase of Mountain Crest Apartments in Thornton.
Bascom bought the 390-unit community from San Diego, Calif.-based Professors Capital for a price of $16 million, or $41,025 per unit. The company now owns 17 multifamily properties in the Denver metro area.
Mountain Crest, constructed in 1971, is situated on approximately 11.7 acres. There are 188 one-bedroom/one-bath units and 202 two-bedroom/one-bath units spread across 15 buildings.
According to a press statement, Mountain Crest will be fully renovated both inside and out to compete with other renovated multifamily product in the area.