Oberndorf Real Estate Management and Bascom Group acquire Hearthstone at City Center in Aurora
In a major real estate transaction, an affiliate of Oberndorf Real Estate Management, LP (formerly known as The Axton Group) and The Bascom Group, LLC announced the successful closure of their acquisition of the Hearthstone at City Center, a sprawling 360-unit housing complex located at 932 South Helena Way in the lively city of Aurora, Colorado, for a total of $74 million. This marks a significant addition to Bascom’s growing portfolio, being the fourth acquisition of the year 2024, and reinforcing its position as a prominent player in the Colorado real estate market. Previously, Bascom had expanded its presence with acquisitions including The Overlook in Albuquerque, New Mexico, and Texan26 in Austin, Texas.
Constructed in 1984, Hearthstone at City Center stands as a testament to thoughtful community planning and architectural foresight, spread across 18.25 acres with forty-one buildings. This low-density community offers residents a range of one to three-bedroom floor plans, catering to diverse lifestyle needs. Strategically situated southeast of Aurora City Center, Hearthstone offers unparalleled access to major employment hubs, outdoor recreation, and essential amenities, making it a coveted address for those seeking convenience and quality of life in the Aurora-Denver metropolitan area.
The acquisition reflects a strategic investment in a region known for its dynamic economic landscape and promising real estate market. With this purchase, Bascom solidifies its presence in Colorado, increasing its portfolio to 37 properties statewide, and further establishing its commitment to enhancing residential living in Aurora. The partners, Oberndorf Real Estate Management and The Bascom Group, have expressed optimism about the property’s future, citing the Aurora submarket’s potential for long-term growth despite current market volatilities.
The Hearthstone community boasts a comprehensive array of amenities, including modern appliances, in-unit laundry facilities, hardwood-style flooring, and private outdoor spaces. Additionally, residents enjoy access to a resort-style pool, fitness center, pet park, and basketball court, among other facilities. The partnership plans to embark on a significant renovation program to further enhance the property, emphasizing upgrades to appliances, countertops, lighting, and common areas, aiming to reposition Hearthstone as a top choice for multifamily living in Aurora.
This transaction not only underscores the vibrancy of the Aurora real estate market but also highlights the strategic vision of Oberndorf Real Estate Management and The Bascom Group in identifying and capitalizing on value-add opportunities in the multifamily sector.
As the market continues to evolve, the partnership’s proactive approach to investment and community development sets a benchmark for success in the industry.
The acquisition of Hearthstone at City Center by Oberndorf Real Estate Management and The Bascom Group is a clear indication of the strength and potential of the Aurora real estate market. This transaction exemplifies how strategic investments in multifamily properties can yield significant benefits, not only in terms of financial returns but also in enhancing the quality of residential living. With their commitment to community development and value-add initiatives, the partnership is poised to make a lasting impact on the Aurora-Denver metropolitan area, benefiting residents and investors alike.