Bascom, Oak Tree JV Nabs Denver Apartment Community
- Nov 10, 2015
Following the success of Venture I between The Bascom Group and Oak Tree Capital Management, which resulted in the purchase of eight multifamily assets across the country and $350 million in total capitalization, the two companies have joined forces for a second venture.
The $400 million Venture II recently closed on the purchase of Axis at Nine Mile Station, a four-building, 336-unit apartment community at 3257 S. Parker Road in Denver. According to data collected by Yardi Matrix, the price tag for the 35-year-old property was $50 million, or $148,810 per unit. Mesa West Real Estate Income Fund III of Los Angeles provided a $46.8 million loan to acquire the asset. ARA Newmark’s Terrance Hunt and Jeff Hawks represented the seller, Security Properties of Seattle, while debt financing was sourced by Brian Eisendrath and Annie Rice of CBRE Capital Markets.
“The location of Axis at Nine Mile with the neighboring light rail station and freeway interchange provides excellent all-weather linkage to the major employment and transportation centers in Metro Denver,” Paul Zakhary, director of operations at Bascom, said in a statement. “The mid-rise construction along with the adjacent planned redevelopment will also provide the urban feel and walkability that today’s renter is seeking.”
Axis at Nine Mile is conveniently located adjacent to the Nine Mile Station on the Southeast and the Blue Line Light Rail, offering direct access to popular destinations such as downtown Denver and the Denver Tech Center Business Corridor. The property features 336 studio, one- and two-bedroom units, and amenities including: two swimming pools, 28 laundry facilities, 400 underground parking spaces, fitness center and clubhouse, and tennis and volleyball courts.
Photo courtesy of The Bascom Group