The Bascom Group has acquired Castlewood Park Apartments, a 183-unit, low-density multifamily community in Buena Park, in a value-add transaction. The property traded for $53,125,000, which equates to a purchase price of $290,301 per unit. The community, originally built in 1963, is positioned for a renovation program aimed at enhancing its appeal while maintaining its existing character.
Acquisition financing for the transaction was arranged by a team from IPA Capital Markets that included Brian Eisendrath, Cameron Chalfant, Jesse Zarouk, and Jake Vitta. The acquisition loan was provided by Brightspire Capital, Inc., which served as the lender on the deal. On the investment sales side, the IPA Investment Sales team led by Kevin Green and Joe Grabiec represented the seller, whose identity was not disclosed in connection with the transaction.
As part of the post-acquisition plan, AMC will assume responsibility for property management at Castlewood Park Apartments. SD-Cap has been engaged to oversee the planned renovation program for the 1963-vintage community, which is expected to focus on modernizing the property while preserving existing attributes that resonate with current residents.
According to Lee Nguyen, senior vice president of operations for Bascom, the community already features many characteristics that align with renter preferences, including large floorplans, garage parking, significant green space, and private yards. Nguyen noted that Bascom intends to update the community in a way that maintains these defining features, with the goal of ensuring the property remains a competitive housing option for residents of North Orange County.
The transaction highlights continued investor interest in value-add multifamily opportunities, particularly in locations where well-established communities can be upgraded rather than repositioned entirely. With a clear plan for capital improvements and professional management in place, the buyer appears focused on enhancing the resident experience while aiming to protect the property’s existing strengths in the local rental market.
