A 157-unit apartment complex south of Olde Town Arvada has been sold for $21.6 million, marking another significant sale in an area
California-based Bascom Groups’ purchase of 52nd Marketplace at 7797 W. 52nd Ave. follows on the heels of another out-of-state realtor making a multi-million dollar investment in the Olde Town area: Just last month, the Arvada Marketplace-Connection shopping center sold for $54.9 million.
The apartments — which were built in two phases in 1974 and 2003 — consist of four residential three- and four-story buildings housing one- and two-bedroom units and one stand-alone leasing center.
Community amenities include a clubhouse, fitness center, business center, pool, poolside BBQ area and two laundry facilities. The purchase comes as roughly $227 million is being spent on a slate of projects in a five-block area around Olde Town in anticipation of the 2016 arrival of the Gold Line commuter rail.
“We acquired a well-built, centrally located asset that is ideally positioned in its submarket to benefit from revenue-enhancing capital improvements,” said Bascom director Paul Zakhary. “Hopefully we can buy a few more like this before the year ends.”
A similar sized multifamily apartment is under construction at the southwest intersection of Ralston Road and Wadsworth Boulevard. The 153-unit Park Place at Olde Town will hit an estimated cost of $29 million once finished.
Austin Briggs: 303-954-1729, abriggs@denverpost.com or twitter.com/abriggs
