Bascom Pays $45.5M for Tucson Rental Asset

The Bascom Group acquired Domain 3201, a 289-unit multifamily property located in Tucson, Arizona, for $45.5 million. Investors Capital Group was the seller, paying $37.7 million for the property in 2019. Bascom plans a comprehensive renovation program on the property.

BrightSpire Capital Acquisitions provided debt financing arranged by Brian Eisendrath, Cameron Chalfant, Ben Margolis, and Jesse Zarouk of Institutional Property Advisors (IPA) for the acquisition. Hamid Panahi, Clint Wadlund, Steve Gebing, and Cliff David, of IPA advised the buyer and seller in the off-market transaction.

Constructed in two phases in 1985 & 1990, this garden-style property offers residents one-, two-, and three-bedroom floor plans and amenities, including three swimming pools, two spas, open green spaces, a fitness center, yoga studio, clubhouse, business center, and two pickleball courts, spanning nearly 12.5 acres.

The purchase of Domain 3201 comes on the heels of Bascom acquiring the Retreat at Speedway, a 304-unit multifamily property located in Tucson, Arizona, for $53.4 million.

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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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