BUENA PARK, CALIF. — The Bascom Group has acquired Castlewood Park Apartments, a 183-unit value-add multifamily property in Buena Park, for $53 million, or $290,301 per unit. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk and Jake Vitta of IPA Capital Markets arranged the acquisition financing, with Brightspire Capital providing the acquisition loan. Kevin Green and Joe Grabiec of IPA Investment Sales represented the undisclosed seller in the deal. AMC will provide property management services for the community, while SD-Cap will oversee the planned property renovations.
Originally constructed in 1963, Castlewood Park Apartments features 183 two-, three- and four-bedroom apartments, averaging 1,028 square feet, with garages for each unit and private yards for approximately 60 percent of the residences. Situated on 8.7 acres, the community features 46 buildings, two swimming pools and a leasing center.
Bascom plans to renovate the property with interior renovations, amenity enhancements and the addition of full-time on-site management to further improve the resident experience.