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Bascom Buys Southern Arizona MF Portfolio for $70.2M
Bascom Arizona Ventures acquired a three-property, 812-unit portfolio of multifamily assets in Southern Arizona for $70.2 million, or $86,484 per unit. Bascom Arizona Ventures assumed the existing HUD loans for all three properties.
The properties include Summit Vista, 288 units, Tucson; Crescent Ridge, 272 units, Tucson; and Port Royale, 252 units, Sierra Vista.
Arizona Ventures’ Mark Brotherton says, “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.”
Marcus & Millichap Institutional Property Advisors (IPA) division’s Hamid Panahi, Steve Gebing and Cliff David represented the buyer and undisclosed seller in the transactions.
For comments, questions or concerns, please contact Dennis Kaiser</a
- ◦Sale/Acquisition

