PHOENIX, AZ - Bascom Arizona Ventures closed its 6th and 7th deals in Arizona named Country Brook Apartments, a 396-unit community located in Chandler, Arizona for $45.7M or $115,400 per unit and Little Cottonwoods Apartments, a 379-unit community located in Tempe, Arizona for $42.8M or $112,900 per unit. Bascom Arizona Ventures worked with Gary Mozer and Katie Rodd of George Smith Partners to arrange the financing and equity for the purchases. Steve Gebing and Cliff David from Marcus & Millichap 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 on five other deals in Arizona, Coldwater Springs Apartments, Estates on Maryland Apartments, Brookstone at the Foothills Apartments, Madera Pointe Apartments, and Alpine Ridge.
Country Brook is an A- asset covering 15.5 acres with an average unit size of 963 SF. A renovation is planned to improve the property’s amenity package and appearance to maximize rent growth and occupancy.
The property offers residents three resort-style swimming pools, a state-of-the-art fitness center, and a luxurious clubhouse. The interiors include a contemporary kitchen, vaulted ceilings, private patios and balconies, and washer/dryers. Country Brook is located in the heart of Chandler in the 85226 zip code, one of the most desirable multi-family and single family zip codes in the Phoenix Metropolitan Area. Intel’s Chandler campus is walking distance from Country Brook, representing approximately 5,000 employees, where Intel is currently under construction of a new $300M research and development facility.
Little Cottonwoods is a Class B+ asset covering 19.7 acres with an average unit size of 1,028 SF. With a renovation budget of $4.4M, Little Cottonwoods will be equipped with one of the best amenity packages in the submarket.
The property offers residents three resort-style swimming pools, a stand-alone fitness center, spacious clubhouse, and direct access and detached garages. The interiors include a contemporary kitchen, vaulted ceilings, private patios and balconies, and washer/dryers. Little Cottonwoods is located in the heart of Tempe; adjacent to major arterial freeways (Loop-101, Loop-202, and Hwy-60) which provide direct access to the major business hubs of Phoenix, Tempe, Chandler, and Scottsdale.
Mark Brotherton, Asset Manager for Bascom Arizona Ventures, comments, “Both Country Brook and Little Cottonwoods provide an exceptional and rare opportunity to acquire Class “A-/B+” multifamily properties in one of the most desirable areas of the Phoenix Metropolitan Area, both well below replacement cost with very attractive cash on cash returns and both with significant upside in current operations with our value add program.” Bascom Arizona recently acquired 1,609 units in Arizona within the past 6 months, and are expected to close on additional properties in the next thirty days. Brotherton continues, “We have closed 35 out of 36 transactions placed under contract in the state of Arizona, totaling 11,782 units valued over $630M. We are continuing to seek and acquire assets that range from “A’s” to “C’s”, preferably with “in-fill” location and with a value-added component.”
Bill Wright, Asset Manager for Bascom Arizona Ventures, adds, “Bascom will recapitalize the property exterior and interior renovations which will equip Country Brook and Little Cottonwoods with one of the best amenity packages in the submarket and highest quality interiors.”
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.