The Bascom Group has acquired Castlewood Park Apartments, a low-density, 183-unit, value-add apartment community in Buena Park, Calif. The purchase price was $53.1 million, or $290,301 per unit. IPA Capital Markets arranged the acquisition financing, with Brightspire Capital providing the acquisition loan. The IPA Investment Sales team represented the seller. AMC will provide property management services for the community, while SD-Cap will oversee the planned property renovations.
Constructed in 1963, Castlewood Park Apartments features spacious floorplans averaging 1,028 square feet, garages for every unit and private yards for approximately 60 percent of residences. The property spans 46 buildings across 8.7 acres, with 21 units per acre. The community consists entirely of two-, three- and four-bedroom apartments and includes two swimming pools and a leasing center.
Bascom plans to elevate the property through interior renovations, amenity enhancements and the addit
