(To read more on the multifamily market, click here.)

AURORA, CO-The Bascom Group LLC of Irvine, CA paid $5 million for the 112-unit Park East apartment community at 456 S. Ironton St. here. The purchase price equates to $44,643 per sf.

The property was privately owned and operated by Park East, LLC. Bascom, founded in 1996, is also a private equity firm. Bascom’s apartment program typically seeks value-added properties and repositions them by adding extensive capital improvements, increasing rents, reducing expenses and implementing institutional-quality property management.

The current asking monthly rents for Park East range from $425 to $699, and include one-bedroom/one-bath units at 740 sf; two-bedroom/1.5-bath units at 879 sf; and three-bedroom/two-bath townhome units at 1,395 sf. Park East units feature large closets, dishwashers, nine-foot ceilings, and air conditioning. The fourth floor townhome units feature rooftop decks that provide views of the Downtown Denver skyline. Park East amenities include a clubhouse, pool and spa, workout facility and sauna.

Debt financing was provided by CW Capital and was arranged by Troy Tegeler and Brian Eisendrath of CBRE

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