183-Unit Apartment Community in Orange County Sells for $53 Million
The Bascom Group has acquired Castlewood Park Apartments in Buena Park. The apartment community has 183 units spread across 8.7 acres. The company plans to renovate the property and enhance its amenities. The Bascom Group has completed its $53.125 million acquisition of Castlewood Park Apartments. The community is located in one of Southern California’s most active housing markets. This continues Bascom’s investment activity, despite a slower apartment real estate market. Castlewood Park Apartments was built in 1963 and spans 8.7 acres. This is Bascom’s third apartment purchase of 2026. It follows purchases in Las Vegas and Tucson. The company has acquired 13 apartment buildings since 2022. That is when interest rates began rising. Together, these buildings total more than 3,200 units. Castlewood Park Apartments adds to that count. “Large investors have become more and more choosy toward older apartment buildings, creating good buying opportunities for experienced value-add operators,” said Chad Sanderson, Senior Principal at Bascom. “We believe well-located, older vintage buildings 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.”
