The Bascom Group, LLC has acquired Castlewood Park Apartments, a 183-unit value-add apartment community located in Buena Park, California, for $53,125,000, or $290,301 per unit. The acquisition marks Bascom’s continued pursuit of compelling opportunities in Orange County, a market where the firm has deep historical roots dating back to its founding in 1996.
Originally constructed in 1963, Castlewood Park offers a combination of characteristics that are rarely found in today’s new developments. The community spans 46 buildings across 8.7 acres at just 21 units per acre, creating a neighborhood-like environment with abundant open space and minimal density. Floorplans average 1,028 square feet and consist entirely of two-, three-, and four-bedroom residences. Every unit comes with a garage, and approximately 60% of homes include private yards. These features position the community as a genuine, lower-cost alternative to homeownership in one of Southern California’s most supply-constrained housing markets. Additional amenities include two swimming pools and an on-site leasing center.
Brian Eisendrath, Cameron Chalfant, Jesse Zarouk, and Jake Vitta of IPA Capital Markets arranged acquisition financing, with BrightSpire Capital, Inc. providing the acquisition loan. The IPA Investment Sales team, led by Kevin Green and Joe Grabiec, represented the seller. AMC will serve as property manager, while SD-Cap will oversee the planned renovation program.
Bascom plans to modernize Castlewood Park through targeted interior renovations, amenity enhancements, and the addition of full-time onsite management. Lee Nguyen, Senior Vice President of Operations, noted that the property already delivers what today’s renter values most: large floorplans, garage parking, green space, and private yards. The planned improvements will thoughtfully elevate the community while preserving these differentiating features. Tim Whiting, Senior Vice President of Operations, added that Bascom has completed approximately $110 million in renovations across 44 properties and more than 8,000 apartment homes, giving the firm deep expertise in repositioning older vintage communities like Castlewood.
Chad Sanderson, Senior Principal at Bascom, highlighted the investment rationale. Institutional investors have grown more selective toward older apartment communities in the current environment, creating attractive entry points for experienced value-add operators. Sanderson noted that well-located, vintage properties in Orange County are being discounted beyond what fundamentals justify, and that Castlewood represents a durable workforce housing asset acquired at a compelling basis in one of the nation’s strongest apartment markets.
The Buena Park location provides immediate access to the 5 and 91 freeways, connecting residents to major employment centers throughout Orange County and Los Angeles. The surrounding neighborhood includes a newly developed KB Home townhome community and established single-family homes with values ranging from approximately $900,000 to over $1 million.
Joe Ferguson, Vice President of Acquisitions, framed the broader opportunity: while many institutional buyers stepped back during the multifamily pricing reset that followed interest rate increases in 2022 and 2023, Bascom has continued to deploy capital actively. Since rates began rising, the firm has acquired 13 multifamily communities totaling 3,231 units for more than $930 million, spanning properties built from the 1960s through 2024. The Castlewood Park acquisition follows Bascom’s earlier 2026 purchases of The Ellison, a 294-unit Class A community in Las Vegas, and Domain 3201, a 289-unit community in Tucson, reflecting the firm’s ability to identify opportunities across a wide range of vintages, markets, and strategies.
Since 1996, The Bascom Group has completed over $23 billion in multifamily value-added transactions encompassing 368 properties and more than 94,272 units across 20 states. The firm’s first 42 acquisitions were concentrated in Southern California, predominantly Orange County, making Castlewood Park a meaningful return to the market where Bascom built its foundation.