SCOTTSDALE, AZ - Bascom Arizona Ventures, LLC on behalf of a fully discretionary fund, has newly acquired Alpine Ridge Apartments, a 194-unit community located in Flagstaff, Arizona for $13,582,000 or $70,015 per unit. Robert L. Chester represented the seller in the transaction. The onsite property management will be overseen by Arizona based Morrison, Ekre & Bart Management Services (MEB). The purchase comes on the heels of the recent acquisitions of Estates at Maryland, a 330-unit “Class A” community located in Phoenix; Coldwater Springs, a 301-unit “Class A” community located in Avondale; Brookstone at the Foothills, a 528-unit “Class B” community located in Phoenix; and Madera Point, a 256-unit “Class B” community located in Mesa.
Alpine Ridge was built in 1992 and is a “Class B+” property situated on 6.71 acres with an average unit size of 814 SF. Built in 1992 and the property has an excellent location within two blocks of Northern Arizona University(NAU). Alpine Ridge is the closest privately owned apartment community to NAU, within .4 mile walking distance to the University’s state-of-the-art aquatic center, fitness center, and Lumberjack Stadium. The community offers residents assigned covered parking spaces, and barbeque areas throughout the community.
Mark Brotherton, Asset Manager for Bascom Arizona Ventures, comments, “After our successful 12-property portfolio sale in 2007, we feel now is the best time to buy back into the Arizona region. This will be our fifth purchase in the past six months, and we are looking to expand even more with additional acquisitions slated to close in the next month.” Bascom Arizona previously acquired 5,174 units in the Phoenix metropolitan area between 2004 and 2006. Brotherton continues, “With Flagstaff’s high barrier to entry, NAU’s extensive expansion plan, and the shortage of student housing, Alpine Ridge offered us with a very attractive value add opportunity.”
Bill Wright, Asset Manager supervising renovations for Bascom Arizona Ventures, adds, “We intend to upgrade unit interiors and spruce up the common areas at Alpine in order to compete with newer “Class A” properties, and to maximize net effective rents during the current market recovery. We were very successful with our business plan during the last cycle.”
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 by realizing operational efficiencies through implementation of institutional-quality property management.