TUCSON, AZ - Bascom Arizona Ventures has acquired three apartment communities located in Tucson & Sierra Vista, Arizona for $70,225,000, or $86,484 per unit. Bascom Arizona Ventures assumed the existing HUD loans for all three properties. Hamid Panahi of Marcus & Millichap represented the buyer and seller in the transactions. 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 Springs at Silverbell, a 290-unit "Class A" community, and Springs at Continental Ranch, a 196-unit "Class A" community, both located in northwest Tucson, as well as La Entrada, a 186-unit community located near downtown Tucson.
All three properties offer a resort-style swimming pool, relaxing spa, 24-hour fitness center, business center, and private garages. Residents at Summit Vista (288 units), built in 2008 and Crescent Ridge (272 units), built in two phases (2001 & 2008), enjoy easy access to Interstate 10 and are proximate to some of the area's largest employers, as well as a plethora of retail, dining, and entertainment options. Also built in two phases (2004 & 2008), Port Royale (252 units), is proximate to Ft. Huachuca, the largest military installation in the state.
Mark Brotherton, Portfolio Manager of Bascom affiliate Bascom Arizona Ventures, comments, "The Southern Arizona portfolio provides us with an exceptional opportunity to acquire another multifamily portfolio in a recovering market, well below replacement cost, with significant upside with our value-add program. Summit Vista, Crescent Ridge, and Port Royale are our 17th, 18th, & 19th acquisitions since August 2012 in the state of Arizona, and our fourth and fifth in Tucson in the past year. We are very excited about our newest acquisitions and look forward to commencing our value-add program as soon as possible."
Bill Wright, Asset Manager of Bascom affiliate Bascom Arizona Ventures, adds, "The Bascom renovation program is designed to cure the previous owner's extensive deferred maintenance, bring the properties to full operational capacity, and support Bascom's proven business plan."