COLORADO SPRINGS, CO – The Bascom Group in partnership with an affiliate of The Axton Group has bought Summer Grove Apartments and Tanglewood Apartment Homes, two adjacently located apartment communities in Colorado Springs, Colorado. 

Summer Grove and Tanglewood were constructed in 1971 and 1972, respectively, and are located at 3802 & 3803 Half Turn Road, Colorado Springs, Colorado. Bascom bought Summer Grove, a 374-unit community, for $31,000,000, or $82,887 per unit. Tanglewood, a 112-unit community, was bought for $10,150,000, or $90,625 per unit.  Jake Young at CBRE brokered the transaction.  Brian Eisendrath and Annie Rice at CBRE arranged the debt financing with Don Broderick and Erik Frandsen at TCF Bank.

Bascom’s Senior Vice President and Principal, Jim Singleton, stated, “Summer Grove and Tanglewood are two well located properties with convenient access to strong employment centers, schools, and numerous retail and entertainment options. The Colorado Springs area continues its healthy growth driven by several ongoing and plotted development projects, as well as investments estimated to bring nearly 3,000 jobs to the area. These new developments and the elite quality of life offered by Colorado Springs continue to attract a growing number of young professionals and families relocating to the area.” 

Paul Zakhary, Senior Vice President of Portfolio Operations, added, “This submarket has seen very small new construction of multifamily communities over the past several years considering the significant pace of population growth and strong demographic fundamentals. We see this acquisition as an brilliant opportunity to complete improvements to these properties, while still offering tenants an attractive and affordable place to live.”

Summer Grove and Tanglewood are conveniently located in central Colorado Springs within the Palmer Park submarket, situated along the highly trafficked North Academy Boulevard and Austin Bluffs Parkway. Located only 60 miles south of Denver and within minutes of Interstate-25, Powers Boulevard, and Downtown Colorado Springs, Summer Grove and Tanglewood provide residents convenient access to shopping, dining, and major employment centers throughout El Paso County. Colorado Springs is home to some of the largest employers within central Colorado, including Oracle, FedEx, the United States Airforce Academy, T. Rowe Price, UC Health Memorial Hospital, and St. Francis Medical Center.

A spokesman for The Axton Group, added, “The assets at Summer Grove and Tanglewood Apartments reflect a unique value proposition and align with our investment strategy at Axton, providing brilliant in-place cash flow, margin of safety, as reflected by the substantial buy price discount to sales comparables and replacement cost and an opportunity to enhance value through the repositioning of the properties via extensive exterior and interior renovations. We look forward to working with The Bascom Group to do the business plot on this rare acquisition opportunity”  

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JACKSONVILLE, FL – RST Development and Hercules Real Estate Services announced the acquisition of Steele Creek Apartments, a 300-unit community of Class A apartment homes located in Jacksonville, Florida.

Steele Creek is located at 8599 AC Skinner Pkwy, about 12 miles from Jacksonville Beach and centrally located near the booming St. Johns Town Center. The property’s prime location also provides accessibility to top employers in the area such as Citi Bank, Mayo Clinic and Johnson & Johnson.

Steele Creek is the first community in the Jacksonville, Florida market for Hercules Real Estate Services, Inc. “We are excited to go into the Jacksonville market and offer this best in class community. Most members of the onsite team chose to stay at the community and join Hercules Living in order to continue providing our residents with exceptional service,” said Jason Loftis, president of Hercules Real Estate Services, Inc.

Completed in 2018, Steele Creek offers a mix of 1, 2- and 3-bedroom apartment homes featuring top-quality finishes such as stainless appliances, custom rushed nickel lighting and bathroom fixtures, nine to ten-foot ceilings, and 42-inch custom cabinetry. The community also features high-end amenities including a game room, auto detailing center, beach retreat with lounging hammocks, and a movie lawn.

RST Development / Hercules Real Estate Services is a private real estate investment company that develops, owns and manages approximately 8,000 multifamily units. 

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TEMPE, AZ – The Praedium Group, a New York City-based national real estate investment firm, announced the acquisition of Harper in South Tempe, AZ.  Peter Calatozzo, Principal of The Praedium Group, made the announcement of the investment firm’s most recent acquisition.

Constructed in 2018, Harper consists of eight, three-tale buildings with modern interior unit finishes, market leading amenities, and convenient access to multiple Phoenix employment hubs, as well as attractive walkable retail. 

The property’s unit mix consists of one-, two- and three- bedroom homes ranging from 711 SF to 1,374 SF. Unit interiors feature granite or quartz countertops, stainless steel appliances, undermount sinks, wood style cabinetry with undermount lighting, designer backsplashes, side-by-side refrigerators, handscraped hardwood flooring, full size washer/dryers, walk-in closets with custom wood shelving and balconies or patios.  

Community amenities include a resort style swimming pool with pool-side cabanas, an outdoor lounge with fireplace and misters, a resident lounge and business center, a wellness center with Technogym equipment, a pet park with pet grooming area, a 24-hour Luxor package locker system and electronic car charging stations.

“Harper is located in South Tempe, a municipality with a growing employment base and strong population growth,” said Mr. Calatozzo. “The Phoenix MSA continues to be among the fastest growing metropolitan areas in the U.S. and the Southeast Valley has been the beneficiary of a number of corporate relocations and expansions.  The property benefits from its proximity to a number of diverse employment hubs and an abundance of retail, dining and entertainment options.  The buy of Harper continues our strategy of purchasing high quality properties in growth markets.” 

Josh Kogel, Associate of The Praedium Group, added: “The high barriers to entry for future multifamily supply in Tempe south of US 60 makes an attractive supply/demand dynamic in the submarket.”   

Within a 10-mile radius of the property, there are over 500,000 jobs as Harper’s convenient location benefits from the main employment corridors of the East Valley. Major corporate expansions and relocations in the area, including JP Morgan, Intel and Norther Trust, will support continued employment growth in the market. Additionally, the property provides fantastic accessibility and connectivity across the state via I-10, I-17 and US-60, and is just 8 miles to the Phoenix Sky Harbor International Airport.

Harper provides residents unrivaled access to walkable, modern retail and entertainment options, including The Collective on Baseline. The Collective is a newly developed retail and entertainment center featuring an upscale seat-side-service cinema and local chef driven restaurants. Additionally, the property sits within a one-mile radius of an additional 1-million SF of retail, including a Whole Foods and Target.

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