Bascom and The Axton Group Acquire 374-Unit and 112-Unit Apartment Communities in Colorado Springs, CO for $41.15 Million

IRVINE, Calif., June 19, 2019 /PRNewswire/ – The Bascom Group, LLC (“Bascom”) in partnership with an affiliate of The Axton Group (“Axton”) has acquired Summer Grove Apartments (“Summer Grove”) and Tanglewood Apartment Homes (“Tanglewood”), 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 purchased Summer Grove, a 374-unit community, for $31,000,000, or $82,887 per unit. Tanglewood, a 112-unit community, was purchased 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 planned 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 little 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 excellent 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 excellent in-place cash flow, margin of safety, as reflected by the substantial purchase 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 execute the business plan on this rare acquisition opportunity”

About Bascom 

Bascom is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management.  Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S.  Since 1996, Bascom has completed over $15.6 billion in multifamily and commercial value-added transactions including more than 330 multifamily properties containing over 85,000 units.  Over $1 billion of those acquisitions have been in Colorado, totaling over 11,000 units. In the past twenty-four months, Bascom has completed over $1 billion in multifamily transactions throughout the United States. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom’s subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Venture Partners, Bascom Milestone Ventures, and the Realm Group.  Bascom’s subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the U.S. For additional information, please visit

About Axton 

The Axton Group is a privately-held investment management firm with a primary focus on value add and opportunistic real estate and real estate related assets in the U.S. Axton invests opportunistically across asset types, geographies and capital structure as the risk / return dynamic shifts. We seek investments in direct real estate and real estate related operating companies with the understanding that real estate is subject to cycles, both in terms of its underlying supply and demand fundamentals and its pricing relative to other asset classes. Axton’s management team has extensive sourcing capabilities through its proprietary network. Axton prioritizes opportunities with strong current cash flow and capital appreciation with a focus on capital preservation. For further information, please visit

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