Bascom Arizona Ventures acquires Phoenix class A multifamily property for USD11.5m
Bascom Arizona Ventures, a subsidiary of Irvine, California based private equity firm The Bascom Group, has acquired a 37-unit property located in downtown Tempe, Arizona, for USD11.5 million, or USD310,811 per unit.
Dolce Villaggio Townhomes is situated within downtown Tempe’s Urban Core Master Plan Community. The property is within walking distance of Arizona State University, Tempe Town Lake, and multiple shopping, employment and entertainment developments. Constructed in 2007, the property offers a swimming pool and spa, spacious two- and three-bedroom floorplans, and attached two-car garages for all units.
The purchase follows Bascom’s recent acquisition of Tempo at McClintock Station Apartments located near Arizona State University. Tempo is a mid-rise multifamily property consisting of 423 residential units and one retail unit in Tempe, Arizona. The price was USD89.2 million, or USD210,377 per unit.
The new ownership group plans to invest in capital improvements to the property, including upgrades to the pool and unit interiors.
“Dolce provides us with an exceptional opportunity to acquire another property within the forever growing downtown Tempe area,” says Mark Brotherton, portfolio manager of Bascom Arizona Ventures. “We are very excited about our newest acquisition and look forward to commencing our value-add program as soon as possible.”
Comerica Bank provided debt financing, which was arranged by Erich Pryor of Talonvest Capital Inc, for the acquisition.
Chris Roach, Matt Roach, and Brad Cooke of Colliers International advised the buyer and seller in the transaction. Arizona-based MEB Management Services will manage the property.