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5/25/18
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The Bascom Group LLC has acquired Modera at Observatory Park Apartments, a 275-unit multifamily property in Denver, for $92.5 mil ($336.4k/unit). The newly constructed, Class A infill apartment community is located at 1910 S Josephine St, southeast of I-25 and just east of University Blvd.
The property was purchased with investment proceeds derived from the sale of a successful 20-year investment in industrial and self-storage properties in Southern California. These properties were acquired and later sold with Bascom’s industrial affiliate, the Southern California Industrial Fund and its Managing Member, The Magellan Group.
Built in 2017, Observatory Park is centrally located less than a half-mile from The University of Denver campus with convenient proximity to Denver’s major retail, restaurant and employment centers. Residents benefit from excellent access to some of Denver’s largest employers in Downtown Denver, Denver Tech Center, Inverness Business Park and Meridian International Business Center, where companies such as DaVita, Arrow Electronics, DISH Network and Newmont Mining are located.
Observatory Park provides residents access to outstanding outdoor and retail amenities including the historic Pearl Street restaurants and upscale Cherry Creek neighborhood. Located in the South East Light Rail Corridor, Modera's residents are less than ½ mile from the University Light Rail stop, creating a friendly "walkable" environment.
The property stands to capitalize on one of the strongest economies in the nation, as Denver’s demonstrated labor force growth of 3.9% year over year and a December 2017 unemployment rate of 2.6%, 2nd in the nation for areas with populations greater than 500,000. Additionally, Observatory Park is set to take advantage of its premium construction finishes due to the high median household incomes and strong demand for modernized rental housing throughout the University submarket.
Bascom plans to implement an amenity expansion program and improved operations that will make Observatory Park a top choice among multifamily product in the immediate area. Community improvements will include upgrades to the fitness center, pool and common area additions, as well as exterior upgrades and interior enhancements.
The property was sold by Mill Creek Residential, the asset’s developer. The company will continue to manage the property. Charles Halladay and Jamie Kline of Holliday Fenoglio Fowler arranged the $66.75 mil acquisition loan for The Bascom Group through TH Real Estate. The broker on the sale was Tim Shunta of National Realty Advisors, LLC.
James Singleton, Bascom Vice President, noted “The University submarket was very compelling to us due to highly desirable demographics, high home prices, and affluent renter base. The property was very well designed and constructed by Mill Creek Residential – a prominent national builder with an excellent reputation.”
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