Bascom Group Acquires Castlewood Park Apartments in Buena Park
Bascom Group has acquired Castlewood Park Apartments, a 183-unit value-add community in Buena Park, California, for $53,125,000, or $290,301 per unit. The garden-style property, built in 1963, sits on 8.7 acres with 46 buildings and an ultra-low density of 21 units per acre. Units average 1,028 square feet and include garages for every residence, with private yards for roughly 60 percent of homes. The community is composed entirely of two-, three-, and four-bedroom apartments and includes two swimming pools and a leasing center.
IPA Capital Markets’ Brian Eisendrath, Cameron Chalfant, Jesse Zarouk, and Jake Vitta arranged acquisition financing, with Brightspire Capital, Inc. providing the loan. The IPA Investment Sales team led by Kevin Green and Joe Grabiec represented the seller. AMC will provide property management services and SD-Cap will oversee planned renovations.
Bascom plans interior renovations, amenity enhancements, and the addition of full-time onsite management to improve the resident experience while maintaining the property’s characteristic open space and private-yard product that is increasingly scarce in Southern California.
“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,” said Lee Nguyen, Senior Vice President of Operations for Bascom.
The acquisition fits within Bascom’s historic strategy. Since its start in 1996, the firm has acquired more than 369 multifamily communities across 20 states, including a concentration of early acquisitions in Southern California. Bascom reports approximately $110 million of renovations completed across 44 properties and more than 8,000 apartment homes.
“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,” said Tim Whiting, Senior Vice President of Operations.
Bascom’s recent activity reflects continued capital deployment amid a changing investment environment. Since interest rates began rising, the firm acquired 13 multifamily communities totaling 3,231 units for more than $930 million. Earlier 2026 acquisitions include The Ellison in Las Vegas and Domain 3201 in Tucson.
“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,” said Chad Sanderson, Senior Principal at Bascom.
“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,” said Joe Ferguson, Vice President of Acquisitions for Bascom.
Castlewood Park’s location offers immediate access to the 5 and 91 freeways, placing residents near major employment centers across Orange County and Los Angeles. The property remains positioned as a lower-cost, owner-alternative product in a market with limited new supply.