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Axton, Bascom Sell Colorado Springs Properties For $74M

March 23, 2023

An affiliate of The Axton Group and The Bascom Group has sold a pair of Colorado assets for $74.1 million nearly four years after acquiring them. The multifamily communities, which totaled 486 units, were sold to an undisclosed buyer after the owner completed multi-year renovations at the properties.

The partners acquired Park at Penrose, with 374 units, and Park at Palmer, with 112 units in June 2019 for $41.5 million. Seller Yukota Capital Management had owned the asset for about three years prior to the sale. The properties are adjacent to each other and located in the Palmer submarket, the fastest rent growth submarket of Colorado Springs.

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