An Affiliate of Oberndorf Real Estate Management and The Bascom Group Acquire Multifamily Community 'Hearthstone at City Center' in Aurora, Colorado, for $74 Million
Mar 12, 2024
Hearthstone features 360 low-density garden-style apartments in one- and two-story buildings, and is situated on 18 acres in the attractive suburban Aurora submarket of Denver DENVER, March 12, 2024 /PRNewswire/ -- An affiliate of Oberndorf Real Estate Management, LP. ("OBREM") formerly known as The Axton Group, and The Bascom Group, LLC ("Bascom"), announced today that they have closed on the acquisition of the 360-unit Hearthstone at City Center ("Hearthstone"), located at 932 South Helena Way in vibrant Aurora, Colorado, for $74 million. Hearthstone marks Bascom's fourth acquisition of 2024 and comes shortly after the recent acquisitions of The Overlook, a 344-unit garden style multifamily property located in Albuquerque, New Mexico and Texan26, a 204-bed student housing community in Austin, Texas. Once the largest multifamily owner in the state of Colorado, Hearthstone is Bascom's 37th acquisition in the state and 10th acquisition in the city of Aurora. Constructed in 1984 as a low-density community comprised of forty-one buildings across 18.25 acres, Hearthstone features ample onsite outdoor space and a diverse mix of one-, two- and three-bedroom floor plans. The community is conveniently located southeast of Aurora City Center, a midway point between Downtown Denver and Denver International Airport, just minutes from the I-225 highway, the Aurora Metro Center Station RTD Line, and a 20-minute drive to Downtown Denver. Residents at Hearthstone can access hundreds of thousands of employment opportunities within a 20-minute commute from the property. Nearby employment hubs include Fitzsimons Medical Campus, Buckley Space Force Base, Denver International Airport, Denver CBD, Denver Tech Center and Cherry Creek. Hearthstone's location offers superb access to key quality of life attractions and recreation given a diverse selection of shopping, dining and retail in the vicinity, and outdoor activities in Aurora's many parks, ...Full story available on Benzinga.com
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