PRESCOTT, AZ - Bascom Arizona Ventures has acquired the Prescott Lakes Senior Community, a 123-unit luxury independent living senior apartment community for $18,000,000 or $146,341 per unit. The property is located in Prescott, Arizona in the highly desirable Prescott Lakes master planned community.
Bascom Arizona Ventures worked with Brian Halpern and Alex Kane of Jones Lang LaSalle Americas, Inc. to arrange the debt financing for the purchase. John Cunningham from JLL represented the seller on this transaction.
Built in 2003, the property consists of a clubhouse/leasing office, with a swimming pool, and cascading waterscape. Other amenities include a state-of-the-art fitness center, a garden, relaxing library, game room featuring billiards and cards, barbecue plazas, and complimentary scheduled transportation. Prescott Lakes offers its tenants the comfort of private and pristine living in the mile-high city of Prescott, but all the services and conveniences of city life just minutes away.
Mark Brotherton, Portfolio Manager for Bascom Arizona Ventures, comments, "Prescott Lakes provided Bascom Arizona Ventures with a unique acquisition of a Class A apartment community in a market that has very high occupancy and limited new construction. We are excited about our newest acquisition and look forward to commencing our value add program as soon as possible for our residents."
Bill Wright, Asset Manager for Bascom Arizona Ventures, adds, "Bascom will recapitalize the property with exterior and interior renovations which will equip Prescott Lakes with the finest 55+ community amenity package in Prescott. The pool featuring a new in-pool lounge area, new entrances and remodeled clubhouse will be something not seen before in this community. The property will be state-of-the-art and we look forward to creating value for our new residents."