Bascom Closes a $7,900,000 Distressed Lender Foreclosure Apartment Community in Denver, Colorado
IRVINE, Calif., Aug. 9 /PRNewswire/ — The Bascom Group, LLC has acquired the Maples at Crestwood Apartments, a 300-unit community in Denver, Colorado for $7,900,000 ($26,333 per unit or $35.21 per square foot). The property previously sold in 2002 for $19,400,000. The sale closed on August 6, 2010 and expanded Bascom’s Denver portfolio to 21 properties totaling 7,500 units. Tim Shunta from Unique Properties represented both seller and buyer. The acquisition for Bascom was managed by Jeffrey Fuller and Han Jang and debt financing was arranged by Gary Mozer and Joshua Roseman from George Smith Partners. The onsite property management will be overseen by Griffis Blessing.