What do you do with the oldest property on the nicest block? If you are The Bascom Group, you make an opportunistic, off-market acquisition and funnel a few extra million dollars into a renovation that maximizes curb appeal and packs in all of the amenities
At The Vistas at Saddle Rock Apartment Homes in Denver’s high-end Saddle Rock submarket, the Irvine, Calif.-based value-add specialists did just that, improving signage and paint schemes, while completely rebuilding the community’s amenity spaces by exploiting unused square footage.
“The property’s bones were fantastic,” says Bascom Group vice president of acquisitions Jeff Fuller. “It just needed an infusion of new capital to stay competitive with new product.”
Indeed, the property already had the structure in place for many key renovations. For example, a large storage room was converted into a theater; a conference room was transformed into an Internet café; and a tired business center was remodeled into a play area.
Outside, a $260,000 pool renovation took place. Further afield, a soccer pitch and sand volleyball courts were installed. “There was just a lot of space here,” Fuller says. “Space enough to decide what amenities you want and simply plug them in. We decided we wanted them all.” Renters apparently do, too. Since the 2009 renovations, rents have increased approximately 20 percent on average and occupancy remains at 97 percent.