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12/21/17
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The Bascom Group LLC has acquired Boulder View Apartments, a 68-unit, infill Class A apartment community located in Boulder, CO, for $19 mil ($279k/unit).
Built in 2014, Boulder View is located at 6655 Lookout Rd, just minutes from downtown Boulder and surrounding recreational areas. The serene location offers convenient access to employment and entertainment.
The pet-friendly complex features a deck with hot tub and swim spa, outdoor kitchen, two outdoor fireplaces and private, tuck-under garages. It is near a bike path and also offers attractive mountain views.
Bascom plans 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.
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.
David Potarf, Dan Woodward, and Matt Barnett of CBRE were the listing brokers for the sale. Brian Eisendrath of CBRE arranged the $13.3 mil acquisition 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 bil in multifamily transactions throughout the United States.
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