IRVINE, CA - The Bascom Group was awarded the grand prize in the Renovations category at the 2010 Multi-Family Executive Conference for the renovation of the Vistas at Saddle Rock, a 320-unit apartment community located in Denver, Colorado. The Multi-Family Executive Conference, held in Las Vegas, Nevada on October 5, 2010, brought together many of the most prestigious companies in the multifamily real estate industry. This national conference provided an organized forum for topics ranging from property management tools to renovation techniques.
Source: Bascom Group
In November 2008, Bascom acquired the Vistas at Saddle Rock with a Freddie Mac loan and developed a $3.2M renovation schedule for enhancements, upgrades, and re-models. Bascom retained Corum Management for property management services and United Renovations for construction management. Built in 2002, the community only needed a minor facelift as all structural components were still intact. The exterior paint had faded over the years from natural wear and tear, and the amenity package needed upgrading.
The amenity package was augmented to provide a larger range of public facilities to cater to both families and singles. The pool area saw the largest change with the installment of new cabanas, a putting green, BBQ grills, fire pits, and a water sunning deck. To complement the resort-type environment, a tanning bed, movie theater, and fitness center were constructed in the clubhouse. Because of the property's specific unit mix (included many 3-4 bedroom floor plans), it attracted families with children. As a result, a children's room was constructed out of the property's original business center, and a water park type feature set up in the pool. The interiors featured washer/dryers, crown molding, luxurious oval tubs, fireplaces, and 9-foot ceilings. The interior renovations included brush nickel fixtures, new kitchen cabinetry and appliances, ceiling fans, carpeting, faux wood flooring, and two-tone paint.
Bascom is a private equity firm headquartered in Irvine, California, specializing in value-added multifamily real estate investments. Bascom sources value-added and distressed apartment properties, including many through foreclosure, bankruptcy, or short sales. Bascom repositions the properties by adding extensive capital improvements and reducing expenses by realizing operational efficiencies through the implementation of institutional-quality property management. Bascom has completed transactions totaling over $6.0 billion, acquiring more than 53,000 units (202 properties). Bascom has been an active buyer of value-added and distressed multifamily properties in California, Colorado, Washington, Hawaii, Nevada, Arizona, Utah, Georgia, and Texas.