A 275-unit apartment community in Denver was purchased by the Bascom Group, LLC for $92.5 million.
Modera at Observatory Park Apartments, located at 1910 S Josephine St, was completed last year by Mill Creek Residential.
The complex is less than a half-mile from DU.
“Observatory Park was a rare opportunity to acquire an off-market core-plus asset in an extremely tight market,” said Scott McClave, senior principal of Bascom.
The group is planning too upgrade the fitness center, pool and common area.
“The university submarket was very compelling to us due to highly desirable demographics, high home prices, and affluent renter base,” said James Singleton, vice president of Bascom.
According to the company, it has acquired 30 multifamily properties since 2005 in Colorado.
In 2016, it sold the Breakers Resort for a record $350 million.
Just a year before, it purchased a complex in Arvada for $20.6 million.
An $80.35 million complex was sold by the group back in 2013.
The purchaser, a private equity firm, is headquartered in Irvine, California.