Bascom Continues Denver Acquisition Spree

The Bascom Group buys a 492-unit asset in Denver; Centerline Capital Group provides an $11.4 million refinancing for a property near St. Louis; and Eastern Consolidated is picked to market a possible redevelopment in Manhattan's Upper East Side.

Hyland Park Center

Denver—The Bascom Group LLC has purchased Hyland Park Center, a 492-unit community located in the Federal Heights neighborhood of Denver. The price of the acquisition was $28.3 million, or $57,419 per unit. CBRE Group Inc. arranged financing for the purchase. Unique Properties represented the buyer and seller in the transaction.

“This represents our third acquisition in the past 90 days in Denver,” says Jeffrey Fuller, senior vice president for Bascom. “We are excited about acquiring another property in Denver given the high occupancies and potential for market rent growth.”

The purchase brings Bascom’s Denver portfolio to 22 properties, totaling 8,002 units, which makes the firm the second largest owner in the Denver metro area. Hyland Park Center was built in 1985 on 17.7 acres. Community amenities at the property include two swimming pools, two playgrounds, four onsite laundry facilities, and a club house/leasing office.

Centerline Capital refinances St. Louis-area asset

St. Louis—Centerline Capital Group has provided an $11.4 million Fannie Mae DUS Choice refinancing for the Woodchase Apartments in St. Louis. The borrower is Woodchase Village LLC, a single asset entity that has owned and managed the property since 2007. The loan is a 10-year, fixed-rate facility with a 30-year amortization period.

Woodchase Apartments is a 186-unt garden-style facility that was built in 1984. It is comprised of 17 two- and three-story buildings and a single-story office/clubhouse. It is located in the city of Chesterfield, situated in the western part of St. Louis County, about 20 miles west of the St. Louis Central Business District.

“The Chesterfield neighborhood currently has a strong income demographic profile with a stable outlook,” says Steven Cox, senior vice president, commercial real estate at Centerline. “The borrower is a repeat customer of Centerline with extensive experience in the local commercial real estate market.”

Eastern Consolidated tapped to market possible redevelopment, assemblage opportunity

New York, NY—Two three-story, mixed-use buildings with rental apartments and ground floor retail situated on the southwest corner of East 81st Street at 1527-1531 York Avenue, are on the market for sale through Eastern Consolidated priced at $16 million.

Eastern Consolidated Senior Director Azita Aghravi with  Director Financial Services Gary Meese are promoting the sale of the pair of buildings, currently occupied by four retail tenants that have demolition clauses stipulated in their leases, and 14 apartments of which seven are free market, six rent-stabilized and one rent-controlled.

“The offering represents an outstanding redevelopment opportunity,” observes Aghravi. “Positioned on a strategic corner location, the property could also become part of a larger assemblage in due course by joining with three adjacent small buildings that, together, could become a development comprising an entire half block along York Avenue between East 80th and East 81st Streets.”

Presently, 1527 York contains one retail space and four decontrolled residential units. 1529-1531 contains three retail spaces and ten apartments. The parcels, offering 51 feet of frontage along York Avenue, are zoned R10 for residential development.

“Right now, the buildings are income producing,” says Meese who adds that the property benefits from the proximity to all Upper East Side amenities, the East River recreational areas and Central Park. “The neighborhood has everything from national retailers to independent boutiques and fantastic restaurants. We anticipate strong investor interest in this well-located property offering current income as well as long-term development potential.”