Irvine, California – July 13, 2026 – The Bascom Group, LLC (“Bascom”) has acquired Castlewood Park Apartments, a low-density, 183-unit value-add apartment community in the highly desirable Orange County investment market of Buena Park, California. The purchase price was $53,125,000, or $290,301 per unit. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk, and Jake Vitta of IPA Capital Markets arranged the acquisition financing, with Brightspire Capital, Inc. providing the acquisition loan. The IPA Investment Sales team led by Kevin Green and Joe Grabiec represented the seller. AMC will provide property management services for the community, while SD-Cap will oversee the planned property renovations.
Originally constructed in 1963, Castlewood Park Apartments offers many of the characteristics that are difficult to replicate in today’s new developments. The community features spacious floorplans averaging 1,028 square feet, garages for every unit, and private yards for approximately 60% of residences. Spanning 46 buildings across 8.7 acres, the property’s garden-style design and ultra-low density of just 21 units per acre create a neighborhood-like environment with abundant open space and minimal disturbances from neighboring units. The community consists entirely of two-, three-, and four-bedroom apartments and includes two swimming pools and a leasing center. These attributes provide residents with a compelling, lower-cost alternative to homeownership in one of Southern California’s most supply-constrained housing markets.
Bascom plans to elevate the property through interior renovations, amenity enhancements, and the addition of full-time onsite management to further improve the resident experience. Lee Nguyen, Senior Vice President of Operations for Bascom, stated, “Castlewood already offers many of the features today’s renter values most like large floorplans, garage parking, abundant green space, and private yards. By thoughtfully modernizing the community while preserving these unique characteristics, we believe Castlewood will continue to be a highly desirable housing option for North Orange County residents.”
The Bascom Group got its start in 1996 acquiring apartment communities just like Castlewood. While Bascom has acquired more than 369 multifamily communities across 20 states, the firm’s first 42 acquisitions were concentrated in Southern California, primarily Orange County, with many consisting of older vintage apartment communities. Tim Whiting, Senior Vice President of Operations, added, “Bascom has extensive experience repositioning older vintage communities, completing approximately $110 million of renovations across 44 properties and more than 8,000 apartment homes. Properties like Castlewood remain an important part of Orange County’s housing stock, and our focus is on making strategic improvements that enhance the resident experience while preserving an affordable housing option in a highly desirable market.”
Castlewood Park is in North Orange County with immediate access to the 5 and 91 freeways, placing residents near major employment centers throughout Orange County and Los Angeles. The surrounding neighborhood includes a newly developed KB Home townhome community and established single-family neighborhoods with home values ranging from approximately $900,000 to more than $1 million.
Chad Sanderson, Senior Principal at Bascom, added, “Institutional investors have become increasingly selective toward older apartment communities, creating attractive buying opportunities for experienced value-add operators. We believe well-located, older vintage properties in Orange County are being discounted more than fundamentals justify. Castlewood represents an opportunity to acquire a durable workforce housing asset at an attractive basis in one of the strongest apartment markets in the country.”
While many institutional buyers have remained on the sidelines during the multifamily pricing reset following the interest rate increases of 2022 and 2023, Bascom has continued to deploy capital. Since interest rates began rising, Bascom has acquired 13 multifamily communities totaling 3,231 units for more than $930 million. Those acquisitions span properties built from the 1960s through 2024, reflecting Bascom’s ability to identify opportunities across a wide range of investment strategies. The acquisition of Castlewood Park Apartments follows Bascom’s earlier 2026 acquisitions of The Ellison, a 294-unit community in Las Vegas completed in 2024, and Domain 3201, a 289-unit community in Tucson built in 1985 and 1986.
Joe Ferguson, Vice President of Acquisitions for Bascom, stated, “The multifamily market has become much more nuanced over the past few years, and we believe several compelling investment themes have emerged. Whether it is newer communities trading below replacement cost, markets that have reset and are beginning to recover, or older apartment communities in supply-constrained locations that have become overly discounted, we are seeing attractive opportunities across a broad spectrum of the market. We believe today’s pricing environment creates a compelling opportunity to invest ahead of improving market fundamentals.”
About Bascom: The Bascom Group, LLC is a minority-owned 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 capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Derek Chen, Jerry Fink, and David Kim, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $23.0 billion in multifamily value-added transactions encompassing 368 multifamily properties and over 94,272 units. Bascom’s commercial transaction volume is $5.8 billion in total and amounts to over 23.4 million square feet. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom’s subsidiaries and joint ventures include the Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, Realm Group, Commercial Real Estate Services, BG Pearce, and Meridian Investment Group. Bascom’s subsidiaries also include Premier Workspaces, one of the largest privately held executive suite, coworking and shared workspace companies in the U.S. For additional information, please visit bascomgroup.com.
