COLORADO SPRINGS, CO – The Bascom Group in partnership with an affiliate of The Axton Group has acquired Summer Grove Apartments and Tanglewood Apartment Homes, two adjacently located apartment communities in Colorado Springs, Colorado.
Summer Grove and Tanglewood were constructed in 1971 and 1972, respectively, and are located at 3802 & 3803 Half Turn Road, Colorado Springs, Colorado. Bascom purchased Summer Grove, a 374-unit community, for $31,000,000, or $82,887 per unit. Tanglewood, a 112-unit community, was purchased for $10,150,000, or $90,625 per unit. Jake Young at CBRE brokered the transaction. Brian Eisendrath and Annie Rice at CBRE arranged the debt financing with Don Broderick and Erik Frandsen at TCF Bank.