IRVINE, CA – The Bascom Group bought Castlewood Park Apartments, a low-density, 183-unit value-add apartment community in the highly desirable Orange County investment market of Buena Park, California. The buy 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 seller. AMC will provide property management services for the community, while SD-Cap will oversee the plotted property renovations.
Originally constructed in 1963, Castlewood Park Apartments offers many of the characteristics that are hard to replicate in today’s new developments. The community features spacious floorplans averaging 1,028 square feet, garages for every unit, and private yards for approximately 60% of residences. Spanning 46 buildings across 8.7 acres, the property’s garden-style design and ultra-low density of just 21 units per acre make a neighborhood-like environment with abundant open space and minimal disturbances from neighboring units.
The community consists entirely of two-, three-, and four-bedroom apartments and includes two swimming pools and a leasing center. These attributes provide residents with a compelling, lower-cost alternative to homeownership in one of Southern California’s most supply-constrained housing markets. Bascom plans to elevate the property through interior renovations, amenity enhancements, and the addition of full-time onsite management to further improve the resident experience.
Lee Nguyen, Senior Vice President of Operations for Bascom, stated, “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.”
The Bascom Group got its start in 1996 acquiring apartment communities just like Castlewood. While Bascom has bought more than 369 multifamily communities across 20 states, the firm’s first 42 acquisitions were concentrated in Southern California, primarily Orange County, with many consisting of older vintage apartment communities.
Tim Whiting, Senior Vice President of Operations, added, “Bascom has extensive experience repositioning older vintage communities, completing approximately $110 million of renovations across 44 properties and more than 8,000 apartment homes. Properties like Castlewood remain an vital part of Orange County’s housing stock, and our focus is on making strategic improvements that enhance the resident experience while preserving an affordable housing option in a highly desirable market.”
Castlewood Park is in North Orange County with immediate access to the 5 and 91 freeways, placing residents near major employment centers throughout Orange County and Los Angeles. The surrounding neighborhood includes a newly developed KB Home townhome community and established single-family neighborhoods with home values ranging from approximately $900,000 to more than $1 million.
Chad Sanderson, Senior Principal at Bascom, added, “Institutional investors have become increasingly selective toward older apartment communities, making attractive buying opportunities for experienced value-add operators. We believe well-located, older vintage properties in Orange County are being discounted more than fundamentals justify. Castlewood represents an opportunity to buy a durable workforce housing asset at an attractive basis in one of the strongest apartment markets in the country.”
While many institutional buyers have remained on the sidelines during the multifamily pricing reset following the interest rate increases of 2022 and 2023, Bascom has continued to deploy capital. Since interest rates started rising, Bascom has bought 13 multifamily communities totaling 3,231 units for more than $930 million. Those acquisitions span properties built from the 1960s through 2024, reflecting Bascom’s ability to identify opportunities across a wide range of investment strategies. The acquisition of Castlewood Park Apartments follows Bascom’s earlier 2026 acquisitions of The Ellison, a 294-unit community in Las Vegas completed in 2024, and Domain 3201, a 289-unit community in Tucson built in 1985 and 1986.
Joe Ferguson, Vice President of Acquisitions for Bascom, stated, “The multifamily market has become much more nuanced over the past few years, and we believe several compelling investment themes have emerged. Whether it is newer communities trading below replacement cost, markets that have reset and are beginning to recover, or older apartment communities in supply-constrained locations that have become overly discounted, we are seeing attractive opportunities across a broad spectrum of the market. We believe today’s pricing environment makes a compelling opportunity to invest ahead of improving market fundamentals.”

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AUSTIN, TX – The NRP Group, a vertically integrated, best-in-class developer, builder and manager of multifamily housing, announced the financial closing and groundbreaking of Catalina, a 336-unit affordable housing community in Travis County near Austin, Texas. Developed in partnership with the Housing Authority of Travis County (HATC), the community will provide deeply affordable housing for families and working professionals earning between 30% and 70% of the Area Median Income (AMI).
The development is a significant milestone for Travis County, underscoring an urgent commitment to expand affordable housing options in the region to meet growing demand. Catalina will help increase access to high-quality housing for residents across a range of income levels, and is The NRP Group s fourth collaboration with the Housing Authority of Travis County.
There’s a concerted effort among Travis County leaders to address growing housing demand and affordability challenges, and we’re proud to be part of that momentum through Catalina, said Max Whipple, Vice President of Development at The NRP Group. “These public-partnerships continue to reflect what can be accomplished when organizations share a commitment to housing affordability while maintaining a strong focus on quality, design and the resident experience.
Located on a 15-acre site along Cameron Road, Catalina will consist of 12, three-tale residential buildings with a mix of one- to four-bedroom homes. In-unit features will include stainless steel appliances, granite countertops, modern cabinetry, vinyl plank flooring and walk-in closets in all units, complemented by Energy Star appliances.
Situated less than 10 minutes from Interstate 35 and approximately 15 minutes from State Highway 130, the community offers convenient access to major employment centers including Samsung’s semiconductor operations, Tech Ridge and the EastVillage mixed-use development. In addition, residents will have access to a complimentary shuttle service that provides transportation to grocery stores, pharmacies and other nearby destinations for those without vehicles or facing mobility challenges.
Catalina was designed with resident wellness, convenience and community connection top of mind. Amenities include a resort-style swimming pool, 24-hour fitness center, business center, a multipurpose community room with a full kitchen, children’s activity room and playground, and ample green space and outdoor seating areas throughout the grounds. Supportive resident services will include after-school care, financial literacy courses, ESL classes, first-time homebuyer programs and more, all offered at no additional cost to residents.
The development is supported through a collaborative public-private partnership, with tax credit equity provided by Huntington Community Development Corporation. Construction and permanent financing is provided by PIMCO and arranged by Berkadia. Safehold is also participating as the ground lessor, marking its second ground lease structure for an affordable multifamily development in Texas, while the Housing Authority of Travis County contributed $2 million to support the creation of deeply affordable homes reserved for households earning no more than 30% AMI.
“Expanding housing opportunities for residents with the greatest needs requires long-term collaboration and creative solutions,” said Patrick Howard, Executive Director and CEO of the Housing Authority of Travis County. “Catalina builds on the success of our partnership with The NRP Group and will help provide high-quality affordable housing for Travis County residents for years to come.”
Construction on Catalina is now underway with initial occupancy to start in September 2027 and completion scheduled for April 2028.

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HOUSTON, TX – Balfour Beatty Communities, a national residential real estate investment and management company, today announced the acquisition of Avanti Cityside, a 378-unit multifamily community located in Houston’s highly sought-after Texas Medical Center submarket. The transaction is Balfour Beatty s third investment in Texas over the last 18 months, following the acquisitions of River Pointe in Conroe, and The Leonard in Denton.
Avanti Cityside sits at the center of one of Houston’s most dynamic and resilient employment corridors, offering convenient access to the Texas Medical Center, Downtown Houston, Rice University, Hermann Park, and the Museum District. The community serves a diverse resident base drawn to the area’s concentration of healthcare, education, research, and professional employment opportunities.
Constructed in 2007, the community features 378 apartment homes with a mix of one-, two-, and three-bedroom floor plans and more than 362,000 square feet of rentable residential space. Residents delight in a range of amenities, including two swimming pools, a fitness center, clubhouse, business facilities, controlled-access entry, and landscaped outdoor gathering spaces.
“Avanti Cityside aligns exceptionally well with our investment strategy of acquiring well-located communities in strong growth markets where we can make additional value through thoughtful capital improvements and operational excellence,” said Lisa Dailey, Senior Vice President of Multifamily Acquisitions at Balfour Beatty Communities. “We look forward to building on the property’s strong foundation and delivering an exceptional living experience for residents.”
The acquisition adds a strategically located asset to Balfour Beatty Communities’ growing multifamily portfolio and strengthens the company’s presence in Texas. The Houston market continues to benefit from diverse economic drivers, while ongoing expansion and investment within the Texas Medical Center are expected to support sustained housing demand in the years ahead.
Avanti Cityside also presents a compelling value-add opportunity. Strong leasing of existing renovated apartment homes demonstrates robust resident demand for upgraded interiors and modern finishes. Balfour Beatty Communities intends to pursue targeted enhancements throughout the community designed to elevate the resident experience while supporting the property’s long-term performance.
“The combination of an established location, compelling market fundamentals, and future growth potential made Avanti Cityside an attractive investment for our team,” added Dailey.

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