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December 12, 2019
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TEXAS/SOUTHWEST NEWS
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The Bascom Group Teams Up with The Axton Group in $41 Mil CO Res Buy

6/18/19

The Bascom Group LLC have partnered with an affiliate of The Axton Group in the acquisition of Summer Grove Apartments and Tanglewood Apartment Homes, two adjacently located apartment communities in Colorado Springs, CO. The two properties, totaling 486 units, were purchased for a combined price of $41.15 mil.

Summer Grove and Tanglewood were constructed in 1971 and 1972, respectively, and are located at 3802 and 3803 Half Turn Rd in Colorado Springs. Summer Grove, a 374-unit community, was purchased for $31 mil, or $82.9k/unit. Tanglewood, a 112-unit community, was picked up for $10.15 mil, or $90.6k/unit.

Summer Grove and Tanglewood are conveniently located in central Colorado Springs within the Palmer Park submarket, situated along the highly trafficked North Academy Blvd and Austin Bluffs Pkwy. Located only 60 miles south of Denver and within minutes of Interstate-25, Powers Boulevard, and Downtown Colorado Springs, Summer Grove and Tanglewood provide residents convenient access to shopping, dining, and major employment centers throughout El Paso County. Colorado Springs is home to some of the largest employers within central Colorado, including Oracle, FedEx, the United States Airforce Academy, T. Rowe Price, UC Health Memorial Hospital, and St. Francis Medical Center.

Jake Young at CBRE was involved in brokering the transaction. Brian Eisendrath and Annie Rice at CBRE arranged the debt financing with Don Broderick and Erik Frandsen at TCF Bank.

“Summer Grove and Tanglewood are two well located properties with convenient access to strong employment centers, schools, and numerous retail and entertainment options,” noted Bascom’s Senior Vice President and Principal, Jim Singleton. “The Colorado Springs area continues its healthy growth driven by several ongoing and planned development projects, as well as investments estimated to bring nearly 3,000 jobs to the area. These new developments and the elite quality of life offered by Colorado Springs continue to attract a growing number of young professionals and families relocating to the area.”





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