Bascom Group Acquires 183-Unit Apartment Complex in Buena Park for $53.1 Million

The Bascom Group has acquired Castlewood Park Apartments, a 183-unit multifamily complex in Buena Park, California, for $53.1 million. This transaction, equating to approximately $290,200 per unit, represents a significant investment for the Irvine-based firm as it continues to expand its holdings across the Western U.S. Institutional Property Advisors (IPA) facilitated the deal, with their team arranging financing and representing the undisclosed seller. Property records indicate Newcastle had owned the asset for over three decades.Built in 1963, Castlewood Park features 46 buildings spread across 8.7 acres at 6968 Campus Drive. The community offers two-, three-, and four-bedroom apartments averaging 1,028 square feet, having undergone renovations between 2010 and 2023. Bascom plans further interior upgrades, amenity enhancements, and the implementation of full-time on-site management. IPA highlighted Buena Park as a highly supply-constrained submarket, noting this sale is the largest multifamily transaction in the city and one of only eight $50 million-plus multifamily sales in north Orange County over the past two years. For developers and investors, this deal underscores the continued demand and value in well-located, value-add multifamily properties within tight markets.