The Bascom Group LLC has acquired Boulder, Colorado-based Boulder View Apartments, an apartment community. The price of the acquisition was $18.97 million.
IRVINE, Calif., Dec. 21, 2017 /PRNewswire/ — The Bascom Group, LLC (“Bascom”) has acquired Boulder View Apartments (“Boulder View”), a 68-unit infill class “A” apartment community located in the vibrant city of Boulder, Colorado. The $18.97 Million acquisition ($278,985/unit) closed on December 19, 2017. David Potarf, Dan Woodward, and Matt Barnett of CBRE were the listing brokers for the sale. Brian Eisendrath of CBRE arranged the $13.3 million loan with California Bank & Trust.
Since 2005, Bascom and its affiliates have acquired thirty-two multifamily properties in the Colorado market, totaling 10,782 units. Over the past twelve months Bascom has completed over $1.8 Billion in multifamily transactions throughout the United States.
Built in 2014, Boulder View is located just minutes from downtown Boulder and surrounding recreational areas, offering a serene location with convenient access to employment and entertainment. Boulder is home to the University of Colorado-Boulder, and frequently receives accolades in well-being, quality of life and education; it was also recently ranked the number one happiest place to live in the United States by National Geographic. The eclectic town has a very affluent demographic with average household income of $122,753, and 73% of the population holding a Bachelor’s degree or higher. The property’s proximity to top employers like Google, IBM, Qualcomm, Medtronic, and Lockheed Martin makes it an attractive living option for Boulder residents.
Scott McClave, Senior Principal of Bascom, comments, “Boulder View was a rare opportunity to acquire a core-plus asset from a private seller in an extremely tight market. The quality of the asset, proximity to employment, and market fundamentals were extremely attractive to us. Our purchase price represented a significant discount to replacement cost and recent sales comparables in the Boulder market.” James Singleton, Vice President of Bascom, also added, “The Boulder multifamily market presents tremendous opportunity. High barriers to multifamily development have created a limited apartment supply in a high-demand housing market that is experiencing rapid growth.”
Paul Zakhary, Vice President of Bascom, comments, “We plan to implement an amenity expansion program and improved operations that will make Boulder View a top choice among multifamily product in the immediate area. Community improvements will include fitness center and common area additions as well as exterior upgrades and interior enhancements.”
About Bascom: The Bascom Group, LLC is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Bascom has completed over $13 billion in multifamily and commercial value-added transactions since 1996 including more than 311 multifamily properties containing over 81,000 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom’s subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Venture Partners, Bascom Milestone Ventures, and the Realm Group. Bascom’s subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the U.S. For additional information, please visit www.bascomgroup.com.