The Bascom Group Acquires a 230-Unit Class A, Active Adult Apartment Community in West Denver

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Mar 01, 2023, 08:44 ET

IRVINE, Calif., March 1, 2023 /PRNewswire/ -- The Bascom Group, LLC ("Bascom") in partnership with Artemis Real Estate Partners ("Artemis") has acquired Avenida Lakewood, a 230-unit Active Adult (55+) apartment community located at 11001 West 15^th Place in Lakewood, Colorado. The Class A property marks Bascom's 36^th multifamily acquisition in Colorado. Ryan Maconachy and Courtney Crowder at Newmark brokered the transaction. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk, and Jake Vitta of IPA arranged the debt financing for the acquisition from Santander Bank. Apartment Management Consultants will provide property management services.

Situated just seven miles west of Downtown Denver, Avenida Lakewood was constructed in 2019 by Avenida Partners, a prominent builder that specializes in developing Active Adult communities. The property is a highly-amenitized community that boasts extensive indoor and outdoor spaces including a clubhouse, game room, arts studio, theater, salon, pool and spa, fitness and yoga studios, gardening plots, a sky lounge, EV charging stations, and a pet park. Unit interiors feature high-end finishes with quartz countertops, stainless steel appliances, oversized cabinetry, custom lighting, and faux wood flooring. In addition to its abundant amenity offering, the property offers residents a variety of activities, such as social functions, fitness classes, and creative arts and educational programs, that are designed to foster a sense of community and enhance residents' quality of life. Creating a best-in-class lifestyle distinguishes Avenida Lakewood from other Active Adult communities in the Denver Metro Area.

The property also provides residents access to abundant recreation, retail, and entertainment options against the unmistakable backdrop of the Rocky Mountains. Avenida Lakewood residents can venture outside to explore over 2,400 acres of open space on nearby Green Mountain, delight in world-renowned entertainment venues like Red Rocks Amphitheatre, or wander the streets of nearby Golden, home to Coors Brewing Company and countless recreation outlets for hiking, biking, and fishing. Lastly, Avenida Lakewood is located between two of Denver's premier medical centers, St. Anthony Hospital and Lutheran Medical Center, while also providing residents immediate access throughout Denver via the Oak Street Light Rail Station located three blocks from the property.

Bascom's Senior Vice President & Principal of Acquisitions, Jim Singleton, shared, "Avenida Lakewood represents a highly attractive opportunity to act upon the demographic tailwinds of an aging population in a supply-constrained market. As the product of a premier national developer of Active Adult communities, Avenida Lakewood boasts thoughtfully designed amenities and best-in-class services that foster a vibrant lifestyle community for 55+ residents. These benefits provide a unique value proposition for Bascom and Artemis."

Artemis Senior Vice President, Courtney Nickels added, "We look forward to building upon the strong momentum at the Property cultivated by Avenida Partners to continue delivering the highest level of service and quality for the residents. Artemis is pleased to grow our partnership with Bascom, a premier partner, and to continue to expand our investment portfolio in active adult."

Since 1996, Bascom and its affiliates have acquired 357 multifamily properties throughout the United States, totaling over 91,000 units. Prior to closing on Avenida Lakewood, Bascom had acquired 35 multifamily properties in Colorado, totaling 11,804 units and more than $1.1 billion in acquisitions.

About Bascom: Bascom is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Derek Chen, Jerry Fink, and David Kim, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $21.4 billion in multifamily value-added transactions encompassing 357 multifamily properties and over 100,000 units. Bascom's commercial transaction volume is $5.8 billion in total and amounts to over 23.4 million square feet. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom's subsidiaries and joint ventures include the Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, and Realm Group. Bascom's subsidiaries also include Premier Workspaces, one of the largest privately held executive suite, coworking and shared workspace companies in the U.S. For additional information, please visit www.bascomgroup.com.

About Artemis: Artemis Real Estate Partners is a real estate investment manager based in metropolitan Washington, DC with offices in New York City, Los Angeles, and Atlanta. Artemis has raised approximately $8.8 billion of capital across core, core plus, value-add and opportunistic strategies, including a diversified, healthcare-only fund series. The firm makes equity and debt investments across the United States, with a focus on multifamily, industrial, office, retail, hospitality, self-storage, active adult, senior housing, medical office, and post-acute real estate. Artemis specializes in joint venture partnerships and direct investments. Over $1.8 billion of equity under management is dedicated to healthcare real estate specific vehicles, which target equity and debt investments in active adult, senior housing, medical office, and post-acute real estate. More information can be found at www.artemisrep.com.

Contact: Jim Singleton
Tel: 949-955-0888 ext. 116
Email: [email protected]

SOURCE The Bascom Group