The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 29, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



HOME PAGE NEWS
Printer-friendly Version   Email an Associate
Bascom Northwest Ventures Wraps Up $90 Mil Denver Res Buy

10/21/19

Bascom Northwest Ventures LLC has acquired 1000 South Broadway Apartments, a 260-unit Class A infill apartment community in Denver, in a $90.5 mil ($348k/unit) deal. The property was purchased with investment proceeds derived from the sale of a successful 15-year investment in an urban infill property in Bellevue, WA.

Built in 2015, 1000 South Broadway is located in Wash Park with convenient proximity to Denver’s major retail, restaurant and employment centers. With short access to the Broadway Station light rail, residents benefit from excellent accessibility to Denver’s largest employment centers in the Central Business District and the Denver Tech Center, where companies such as DaVita, Arrow Electronics, DISH Network and Newmont Mining are located. The Pearl District and SoBo are located just minutes from the property, which have some of Denver’s best eateries and nightlife in town.

Bascom plans to upgrade the property’s amenity package to attract affluent, young professionals as the submarket continues to develop and become one of Denver’s most desirable neighborhoods. Community improvements will include upgrades to the clubhouse house, addition of co-working spaces, sky lounge and exterior enhancements.

Terry Daly of Cushman & Wakefield arranged the $54.5 mil acquisition loan with Wells Fargo Bank. The property management team will be Avenue 5 Residential.

Brian Wirtz, Managing Member of Bascom Northwest, comments “1000 South Broadway Apartments was a rare core-plus asset located in one of Denver’s fastest growing markets. The quality of the asset, proximity to employment, transportation, and entertainment coupled with exciting development potential were extremely attractive to us. The Washington Park submarket was very compelling to us due to highly desirable demographics, high home prices, an affluent renter base, and walkable retail and entertainment.”

Since 2005, Bascom and its affiliates have acquired over 37 multifamily properties in the Colorado market, totaling 11,803 units, becoming the most active buyer during that timeframe. In 2016, Bascom sold The Breakers Resort, the second most valuable multi-housing trade in the nation for the year and the largest apartment deal in Colorado history. Over the past twelve months, Bascom has completed over $1.5 bil in multifamily transactions throughout the United States.





Return to the Archive page


 


 


 


 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media