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.
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