The Bascom Group acquired Castlewood Park Apartments, a low-density, 183-unit value-add apartment community in Buena Park. The purchase price was $53,125,000, 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, Inc. providing the acquisition loan. The IPA Investment Sales team led by Kevin Green and Joe Grabiec represented the undisclosed seller. AMC will provide property management services for the community, while SD-Cap will oversee the planned property renovations of the 1963-vintage community.
Lee Nguyen, SVP of operations for Bascom, said, “Castlewood already offers many of the features today’s renter values most, like large floorplans, garage parking, abundant green space, and private yards. By thoughtfully modernizing the community while preserving these unique characteristics, we believe Castlewood will continue to be a highly desirable housing option for North Orange County residents.”
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