Bascom Picks Up 440-Units for $117,500 Per Door

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DENVER-The Bascom Group has acquired Lakecrest at Gateway Park, a 440-unit complex here that opened in 2001. The San Diego-based value-add apartment investor acquired the complex from Pauls Corp. for $51.7 million. CBRE Melody arranged debt and equity financing from Prudential Mortgage Co. and Pacific Coast Capital Partners. Apartment Realty Advisors brokered the transaction, which closed Thursday.

Bascom owns or has asset management contracts for 14 apartment communities in the Denver area. Lakecrest sits on 13.7 acres located along the Interstate 70 corridor, 15 miles northeast of Downtown Denver. The property has access to a private lake and the adjacent Green Valley Ranch Development’s 500 acres of parks, trails, and public attractions.

The property has 216 one-bedroom apartments, 144 two-bedroom apartments and 80 three-bedroom apartments. Unit sizes average 969 sf. Amenities include a clubhouse with kitchen, a theatre-style entertainment center and private billiards room. A fitness center, an aerobics facility, a playground, sand volleyball court, sports field, and a resort-style pool and spa are also part of the development.