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DENVER — The Bascom Group has purchased Modera at Observatory Park Apartments, a newly constructed infill apartment community located in Denver, from an undisclosed seller. The price was $92.5 million, or $336,364 per unit.
Built in 2017, the property features 275 Class A apartment units. Mill Creek Residential will manage the property.
Charles Halladay, Jamie Kline and Brock Yaffe of HFF arranged $66.7 million in acquisition financing through TH Real Estate for the purchase. Tim Shunta of National Realty Advisors brokered the acquisition.
Since 2005, Bascom and its affiliates have acquired 30 multifamily properties in the Colorado market, totaling 11,057 units.