Bascom Group, Axton Group Buy Two Apartment Properties in Colorado Springs for $41.1M
COLORADO SPRINGS, COLO. — The Bascom Group, in partnership with an affiliate of The Axton Group, has acquired Summer Grove Apartments and Tanglewood Apartment Homes, two adjacent multifamily communities in Colorado Springs, for a total consideration of $41.1 million.
The joint venture purchased the 374-unit Summer Grove Apartments, located at 3802 Half Turn Road, for $31 million, or $82,887 per unit. The 112-unit Tanglewood property, located at 3803 Half Turn Road, cost $10.1 million, or $90,625 per unit.
Jake Young of CBRE brokered the transaction, while Brian Eisendrath and Annie Rice, also of CBRE, arranged debt financing with Don Broderick and Erik Frandsen of TCF Bank.