9/21/2007

Bascom acquires Denver apartments for $51.7 million

by
Irvine, Calif.-based Bascom Group has acquired the Lakecrest at Gateway Park apartment complex in Denver for $51.7 million from Aurora, Colo.-based The Pauls Corporation.

Apartment Realty Advisors brokered the transaction.

The 440-unit property is located at 4699 Kittredge St. and sits on 13.7 acres. The Pauls Corp. constructed the complex in 2001.

The acquisition was funded with debt provided by Prudential Mortgage Capital. Los Angeles-based Pacific Coast Capital Partners provided equity for the transaction. CB Richard Ellis arranged both the equity and the debt.

The Bascom Group is a privately held venture management firm that specializes in value-added multifamily investments. The Pauls Corp. is a Denver apartment developer.

Address: 4699 Kittredge St., Denver, Colo.

Size: 440 units

Built: 2001

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Filed Under: Multi-Family

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