The Bascom Group has scooped up a sprawling Buena Park apartment community on Wednesday, shelling out roughly $53.1 million for a garden-style complex that pencils out to just over $290,000 per unit and comes with a built-in renovation game plan. The 46-building property, marketed as Castlewood Park Apartments, sits on about 8.7 acres and features low-density layouts, private yards for many homes and garages that Bascom says it will keep in place as part of a value-add refresh.
The deal
According to a Bascom press release via PR Newswire, The Bascom Group paid $53,125,000 for Castlewood Park Apartments, which works out to about $290,301 per unit. The company describes the community as a 46-building, 183-unit property on roughly 8.7 acres. The release notes that Brian Eisendrath, Cameron Chalfant, Jesse Zarouk and Jake Vitta of IPA Capital Markets arranged the acquisition financing, with Brightspire Capital providing the acquisition loan and an IPA investment-sales team representing the seller.
Bascom: vintage OC assets 'discounted'
As reported by L.A. Business First, Bascom argues that well-located older vintage properties in Orange County "are being discounted more than fundamentals justify," a view the firm points to in explaining why it jumped on Castlewood. Coverage and company materials indicate Bascom will pursue interior upgrades, amenity enhancements and full-time onsite management, with SD-Cap overseeing renovations and AMC slated to provide property management, per REBusinessOnline.
What the complex offers
Company materials describe Castlewood as a 1963-built community with two-, three- and four-bedroom floorplans averaging about 1,028 square feet, garages for every unit, private yards for roughly 60 percent of residences, two swimming pools and a leasing center. Bascom and brokers say the property's ultra-low density of roughly 21 units per acre creates a neighborhood-like environment that the buyer plans to preserve while modernizing interiors, according to PR Newswire.
Price vs. past asking
The roughly $290,000-per-door price marks a sharp discount from the $84.2 million asking price when Castlewood was marketed in 2022, according to The Real Deal. That gap also reflects a broader multifamily pricing reset that began in mid-2022 as interest rates climbed and values re-rated, a trend visible in industry indices compiled by CoStar and other market reports.
What comes next
Bascom says it will modernize units and add onsite management while preserving the complex's large floorplans and garages, and the firm has remained active this year with several acquisitions and financings listed on its website. Local brokers say repositioning often brings upgraded finishes and modest rent bumps, and Bascom frames the program as lifting the resident experience while maintaining a workforce-housing option in North Orange County, per company materials on Bascom Group.
