By Gabriel Circiog, Associate Editor
The Bascom Group LLC is continuing the expansion of its Denver market portfolio through the acquisition of Hyland Park Centre. Located at 1800 West 85th Ave. in Federal Heights, the 492-unit community was recently bought for $28.25 million.
Brandon Smith and Brian Eisendrath of CBRE brokered the financing for the purchase, while Tim Shunta of Unique Properties represented the seller and the buyer in the transaction. AMC will oversee onsite property management.
Spread over 17.67 acres, the property has easy access to I-25 and U.S. Route 36. Common area amenities include two swimming pools, two playgrounds, four onsite laundry facilities, a large clubhouse/leasing office and onsite storage space for rent.
Senior Vice President of Bascom, Jeffrey Fuller, said the purchase represents the firm’s third Denver acquisition in 90 days. He also explained how high occupancies and potential for market rent growth drove the firm to expand its regional portfolio to 22 properties. Bascom is now ranked as the second largest owner in the Denver metro area with 8,002 units.
Since it was founded in 1996, The Bascom Group LLC has completed over $6.5 billion in multifamily and commercial value-added transactions, including over 200 multifamily properties and 55,000 units. The Orange County, Calif. private equity firm is currently ranked among the top 50 multifamily owners in the U.S.
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