PHOENIX, AZ - Bascom Arizona Ventures has acquired its and multifamily properties in Arizona in the past two months. Bascom Arizona Ventures acquired Brookstone at the Foothills Apartments, a 528-unit community located in Phoenix, Arizona, for $35.6M or $67,367 per unit; and Madera Point Apartments, a 256-unit community located in Mesa, Arizona, for $14.4M or $56,000 per unit. Bascom Arizona Ventures worked with Gary Mozer and Katie Rodd of George Smith Partners to arrange the financing for the purchases. Jim Crews represented the buyer and seller in the transaction. The onsite property management for both properties will be overseen by Arizona based Morrison, Ekre & Bart Management Services (MEB). Bascom Arizona recently closed 2 other deals in the Phoenix metro area, Coldwater Springs Apartments and Estates on Maryland Apartments.
Brookstone is a Class B asset covering 23.5 acres with an average unit size of 894 SF. The community currently offers two resort-style swimming pools and spas, secure access gates, fitness center, and business center. The interiors include a fully equipped kitchen with microwaves, vaulted ceilings, private patios and balconies, and washer/dryers. Brookstone lies adjacent to major arterial freeways (I-10, I-17, Hwy-60) and close to the METRO Light Rail, which provides direct access to major business hubs of Phoenix.
Madera Point is a Class B asset covering 9.5 acres with an average unit size of 753 SF. Madera Point currently offers a resort-style swimming pool and spa, limited access gates, resort-style clubhouse, basketball court, and reserved covered parking. The contemporary interiors include a fully equipped kitchen with microwaves, vaulted ceilings, and washer/dryers and fireplaces in select units. Madera Point is adjacent to major arterial freeways (Loop-101, Loop-202, and Hwy-60) and within ½ mile of the METRO Light Rail, which provides direct access to the major business hubs of Phoenix, Tempe, Chandler, and Scottsdale.
Mark Brotherton, Asset Manager for Bascom Arizona Ventures, comments, “These properties are your classic examples of distressed sales with potential for value add and growth. With our extensive renovation scope and budget, Brookstone at the Foothills and Madera Point will have amenity packages that will enable the properties to excel in their submarkets.” Bascom Arizona recently acquired 1,415 units in the Phoenix metropolitan area within the past two months, and hopes to close on another in the next thirty days. Brotherton continues, “We have closed 33 out of 34 transactions placed under contract in the state of Arizona, totaling over 11,000 units valued over $545M. We are continuing to seek and acquire assets that range from ‘A’ to ‘C’ quality, preferably with ‘in-fill’ location and with a value-added component.”
Bill Wright, Asset Manager for Bascom Arizona Ventures, adds, “We intend to improve the properties’ operations with the implementation of aggressive leasing and marketing programs in tandem with institutional quality cost controls. The renovations will allow us to conservatively budget for rent growth and increases. With the attractive financing provided, we are projecting very desirable cash on cash returns.”
The Bascom Group, LLC is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses through implementation of institutional-quality property management.