South Broadway Apartments Sell for $90.5M
Bascom Northwest Ventures, LLC has acquired 1000 South Broadway Apartments (“1000 South Broadway”), a 260-unit Class-A infill apartment community at 1000 South Broadway in Denver, for $90.5 million acquisition ($348,076/unit).
Terry Daly of Cushman & Wakefield arranged the $54.50 million loan with Wells Fargo Bank. The property management team will be Avenue 5 Residential. The property was purchased with investment proceeds derived from the sale of a successful 15-year investment in an urban infill property in Bellevue, Washington.
Built in 2015, 1000 South Broadway is located in Wash Park with convenient proximity to Denver’s major retail, restaurant and employment centers. With short access to the Broadway Station light rail, residents benefit from excellent accessibility to Denver’s largest employment centers in the Central Business District and the Denver Tech Center.
“1000 South Broadway Apartments was a rare core-plus asset located in one of Denver’s fastest growing markets. The quality of the asset, proximity to employment, transportation, and entertainment coupled with exciting development potential were extremely attractive to us. The Washington Park submarket was very compelling to us due to highly desirable demographics, high home prices, an affluent renter base, and walkable retail and entertainment,” said Brian Wirtz, managing member of Bascom Northwest.
Since 2005, Bascom and its affiliates have acquired more than 37 multifamily properties in the Colorado market, totaling 11,803 units, becoming the most active buyer during that timeframe. In 2016, Bascom sold The Breakers Resort, the second most valuable multi-housing trade in the nation for the year and the largest apartment deal in Colorado history. Over the past twelve months, Bascom has completed over $1.5 Billion in multifamily transactions throughout the United States.
“We plan to upgrade the property’s amenity package to attract affluent, young professionals as the submarket continues to develop and become one of Denver’smost desirable neighborhoods. Community improvements will include upgrades to the clubhouse house, addition of co-working spaces, sky lounge and exterior enhancements,” said Calvin Ruan, acquisitions director of Bascom Northwest.