Bascom Group Acquires Denver Community for $93M
The Bascom Group LLC has acquired Modera at Observatory Park Apartments, a 275-unit Class A infill apartment community in Denver for $92.5 million from Mill Creek Residential.
“Observatory Park was a rare opportunity to acquire an off-market core-plus asset in an extremely tight market,” Scott McClave, Bascom’s senior principal, said. “The quality of the asset, proximity to employment, transportation, and educational facilities coupled with robust market fundamentals were extremely attractive to us.”
Tim Shunta of National Realty Advisors LLC facilitated the transaction while Charles Halladay and Jamie Kline of HFF arranged a $66.75 million loan with TH Real Estate on behalf of the buyer.