The Bascom Group Acquires Castlewood Park Apartments in Buena Park for $53.125 Million

The The Bascom Group Group has acquired Castlewood Park Apartments, a 183-unit garden-style apartment community in Buena Park, California, for $53,125,000, or $290,301 per unit, the firm announced July 15, 2026. BrightSpire Capital provided the acquisition loan, and Institutional Property Advisors arranged the financing. IPA Investment Sales represented the seller in the transaction.

Deal Structure and Financing

Brian Eisendrath, Cameron Chalfant, Jesse Zarouk, and Jake Vitta of Institutional Property Advisors arranged the acquisition financing, with BrightSpire Capital providing the loan. The IPA Investment Sales team led by Kevin Green and Joseph Grabiec represented the seller. AMC will provide property management services for the community, while SD-Cap will oversee the planned property renovations, according to the announcement.

Property Overview: Low-Density Workforce Housing in North Orange County

Originally constructed in 1963, Castlewood Park Apartments spans 46 buildings across 8.7 acres in North Orange County, yielding a density of approximately 21 units per acre. The community consists entirely of two-, three-, and four-bedroom apartments, with units averaging 1,028 square feet. Every unit includes a garage, and approximately 60% of residences feature private yards. The property also includes two swimming pools and a leasing center.

The community is located near the 5 and 91 freeways, providing access to 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, according to the announcement.

Lee Nguyen, Senior Vice President of Operations for Bascom, said in a statement: "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."

Value-Add Strategy and Renovation Plans

The Bascom Group plans to implement interior renovations, amenity enhancements, and full-time onsite management at the property.

Tim Whiting, Senior Vice President of Operations at Bascom, noted the firm's track record with similar assets: "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."

Chad R. 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."

Bascom's Continued Activity Amid Market Dislocation

The Bascom Group has remained active in multifamily acquisitions since interest rates began rising, acquiring 13 multifamily communities totaling 3,231 units for more than $930 million during that period, according to the firm. Those acquisitions span properties built from the 1960s through 2024.

The Castlewood Park acquisition follows Bascom's earlier 2026 purchases 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, said: "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."

Founded in 1996, The Bascom Group is a minority-owned private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate-related investments. Since inception, the firm has completed more than $23.0 billion in multifamily value-added transactions encompassing 368 multifamily properties and over 94,272 units, according to the company.

Sources

The Bascom Group — PR Newswire, July 15, 2026