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Bascom Northwest Ventures buys Denver infill apartment community

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Bascom Northwest Ventures buys Denver infill apartment community

Bascom Northwest Ventures LLC closed on a 260-unit class A infill apartment community in Denver for $90.5 million.

The acquisition of the 1000 South Broadway Apartments at 1000 S. Broadway, which will be managed by Avenue 5 Residential, was funded by sale proceeds from a 15-year investment in an urban infill property in Bellevue, Wash. Cushman & Wakefield arranged a $54.5 million loan financing with Wells Fargo Bank.

The property will undergo community improvements including upgrades to the clubhouse, the addition of coworking spaces, a sky lounge and exterior enhancements.

The buyer is a joint venture between Bascom Northwest Managing Member Brian Wirtz and real estate-focused private equity firm Bascom Group LLC and targets urban infill multifamily communities on the West Coast.