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10/21/14
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The Bascom Group has closed another apartment buy in Colorado, having paid $8.45 mil for Skyline View, a 112-unit ($75.4k/unit) community in Aurora, a Denver submarket. The acquisition of Skyline View marks 31 multifamily acquisitions representing 11,744 units since Bascom entered the Colorado market in 2005.
Completed in 1972 and renovated in 2007, Skyline View spans over three acres and showcases a large clubhouse and heated swimming pool. Amenities include a leasing office/clubhouse that features a community room with a cathedral ceiling and fireplace, kitchenette, fitness room, sauna, storage, and changing rooms for the pool. The apartment community has a desirable unit mix of 61% one-bedroom, 28% two-bedroom, and 11% three-bedroom units and has excellent westerly view of the Front Range from the upper units.
Skyline View is located two miles from both Interstate 225 and Interstate 70, which lead directly into the heart of downtown Denver. The surrounding neighborhood boasts an abundance of recreational outlets and retail, including Macy’s, Dillard’s, and Sears.
In addition, the property is adjacent to Expo Park, a 57-acre city park that offers tennis courts, softball fields, and the city’s 18-hole disc golf course. It is also within two miles of the Lowry redevelopment district with restaurants, retail, and a host of public facilities including a hockey rink, baseball fields, running trails, and an air museum. In addition, the property is only located 2.5 miles away from the $4.3 bil, 578-acre Fitzsimons Life Science District Campus. The campus is a redevelopment of the former Fitzsimons Army Hospital that when fully built out will be home to over 18 msf of primarily medical office and life science space.
Debt financing was provided by One West Bank and arranged by Gary Mozer and Katie Rodd with George Smith Partners, Inc.
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