IRVINE, CA - The Bascom Group, LLC has acquired Hyland Park Centre, a 492-unit community located in Federal Heights, Colorado for $28,250,000 or $57,419 per unit. Bascom worked with Brandon Smith and Brian Eisendrath of CBRE to arrange the financing for the purchase. Tim Shunta of Unique Properties represented the buyer and seller in the transaction. The acquisition for Bascom was managed by Jeffrey Fuller and Paul Miszkowicz. The sale expanded Bascom's Denver portfolio to 22 properties, totaling 8,002 units, ranking Bascom as the 2nd largest owner in the Denver metro. The onsite property management will be overseen by AMC.
Built in 1985, the property is spread over 17.67 acres. Each unit includes modern appliances, private patios/balconies, individual air conditioning, outside storage, and oversized closets. Select units include upgraded light fixtures, French doors, wood-burning fireplaces, upgraded faucets, vaulted ceilings and new countertops. Hyland Park's common area amenities include two swimming pools, two playgrounds, four onsite laundry facilities, a large clubhouse/leasing office, and onsite storage space for rent. Hyland Park is surrounded by major freeways including Interstate 25, 76, 270, and 70, as well as Highway 36, which provide easy access to all major job centers in the Denver metro.
Jeffrey Fuller, Senior Vice President for Bascom, comments, "This represents our third acquisition in the past 90 days in Denver. We are excited about acquiring another property in Denver given the high occupancies and potential for market rent growth."
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 has completed over $6.5 billion in multi-family and commercial value-added transactions since 1996, including more than 200 multifamily properties and 55,000 units. Bascom currently ranks 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 Investors, Bascom Northwest Ventures, Bascom Arizona Ventures, and the Realm Group. Bascom's subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the U.S.