Colorado Springs Communities Trade for $41M
- Jun 20, 2019
The Bascom Group has teamed up with an affiliate of The Axton Group to acquire a pair of adjacent apartment communities totaling 486 units in Colorado Springs, Colo., for $41.2 million.
The properties, Summer Grove and Tanglewood, were built in 1971 and 1972, respectively. Located at 3802 Half Turn Road, Summer Grove has 374 units and changed hands for $31 million, or $82,887 per unit. Just across the street at 3803 Half Turn Road, Tanglewood offers 112 units and traded for $10.2 million, or $90,625 per unit.
The previous owner was Vukota Capital Management, which picked up both properties from Peak Capital Partners in April 2016, according to Yardi Matrix data. The assets are located within the Palmer Park submarket in the northeast area of the city, within minutes of Interstate 25.
CBRE’s Jake Young brokered the deal, while colleagues Brian Eisendrath and Annie Rice arranged the debt financing along with TCF Bank’s Don Broderick and Erik Frandsen.
Resident Management Systems offloaded a seven-property, Class B and C portfolio consisting of 1,178 units in the southern and eastern parts of Colorado Springs for $102.3 million in May of last year.