Bascom Group JV Buys Senior Housing Asset in Denver
The deal marks the investor's 36th multifamily acquisition in the state of Colorado.
A joint venture between The Bascom Group and Artemis Real Estate Partners has acquired Avenida Lakewood, a 230-unit senior housing community in Denver. Newmark brokered the deal and Institutional Property Advisors, a division of Marcus & Millichap, secured debt financing through Santander Bank. The seller was Avenida Partners, the asset’s developer.
Completed in 2019, the property is reserved for active adults age 55 and over. Avenida Lakewood encompasses two- and three-bedroom floorplans ranging from 796 to 1,238 square feet, according to Yardi Matrix. Community amenities include a swimming pool, a spa, three indoor courtyards, a clubroom, a fitness studio, a library and a creative arts studio.
Located at 11001 W 15th Place, the property is near West Colfax Avenue and roughly 7 miles west of downtown Denver. The community is situated between St. Anthony Hospital and the Lutheran Medical Center, being about 4 miles from each. Within walking distance of Avenida Lakewood is the Oak Street Station, providing residents car-free access to points of interest throughout the metro.
The transaction marked Bascom’s 36th multifamily acquisition in Colorado. Vice Chairman Ryan Moconachy and Managing Director Courtney Crowder led the Newmark team that facilitated the deal. IPA’s Executive Managing Director Brian Eisendrath, Senior Managing Director Cameron Chalfant, along with Managing Directors Jesse Zarouk and Jake Vitta, secured the financing.