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7/14/26
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The Bascom Group LLC has acquired Castlewood Park Apartments, a low-density, 183-unit value-add apartment community in Buena Park, for $53.125 mil, or $290k per unit. The asset, constructed in 1963, is located at 6968 Campus Dr, just north of the 91 Fwy and east of I-5.
Castlewood Park Apartments offers many of the characteristics that are difficult to replicate in today's new developments. The community features spacious floorplans averaging 1k sf, garages for every unit, and private yards for approximately 60% of residences. Spanning 46 buildings across 8.7 acres, the property's garden-style design and ultra-low density of just 21 units per acre create a neighborhood-like environment with abundant open space and minimal disturbances from neighboring units.
The community consists entirely of two-, three-, and four-bedroom apartments and includes two swimming pools and a leasing center. These attributes provide residents with a compelling, lower-cost alternative to homeownership in one of Southern California's most supply-constrained housing markets. Bascom plans to elevate the property through interior renovations, amenity enhancements, and the addition of full-time onsite management to further improve the resident experience.
Lee Nguyen, Senior Vice President of Operations for Bascom, stated, "Castlewood already offers many of the features today's renter values most like large floorplans, garage parking, abundant green space, and private yards. By thoughtfully modernizing the community while preserving these unique characteristics, we believe Castlewood will continue to be a highly desirable housing option for North Orange County residents."
An IPA Investment Sales team led by Kevin Green and Joe Grabiec represented the seller. AMC will provide property management services for the community, while SD-Cap will oversee the planned property renovations. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk, and Jake Vitta of IPA Capital Markets arranged the acquisition financing, with Brightspire Capital Inc providing the acquisition loan.
Since interest rates began rising, Bascom has acquired 13 multifamily communities totaling 3,231 units for more than $930 million. Those acquisitions span properties built from the 1960s through 2024, reflecting Bascom's ability to identify opportunities across a wide range of investment strategies. The acquisition of Castlewood Park Apartments follows Bascom's earlier 2026 acquisitions of The Ellison, a 294-unit community in Las Vegas completed in 2024, and Domain 3201, a 289-unit community in Tucson built in 1985 and 1986.
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