Apartment complex near DU sells for $93M

modera observatory park

The Modera Observatory Park apartment complex in Denver sold for $93 million. (JW Cos.)

A recently completed, 275-unit apartment complex near the University of Denver has sold for $92.5 million.

Irvine, California-based The Bascom Group, acting as Josephine Street Apartments LLC, purchased Modera Observatory Park at 1910 and 1911 S. Josephine St. in Denver last week, according to county records.

The seller was Dallas-based Mill Creek Residential, which developed the complex.

John Winsted of JW Cos. represented the seller. He said construction was completed last summer and the complex is 75 percent leased.

Tim Shunta of National Realty Advisors represented the buyer.

Mill Creek paid $9.18 million in two transactions in June 2015 for the land where the complex was built, according to county records.

Brian Wynne oversaw the development for Mill Creek. Studio PBA designed the project and Shaw Construction was the general contractor.

Bascom’s recent moves in the Denver market include selling the 440-unit Lakecrest at Gateway Park complex in northeast Denver for $101 million in 2017, selling the Breakers Resort apartment complex for $350 million in 2016, and buying the Axis at Nine Mile Station complex for $50 million in 2015.

Mill Creek Residential also is building an eight-story apartment complex dubbed Modera West Wash Park at Speer Boulevard and Grant Street.

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