Bascom Arizona Ventures acquired The Retreat at Speedway, a 304-unit multifamily property located at 7401 E Speedway Blvd in Tucson for $53.4 million. The property was acquired by Bascom’s current fund offering, Bascom Value Added Apartment Investors VI, LLC. Weidner was the seller.

Located at 7401 E Speedway Blvd, the two-story, garden-style property offers residents one- and two-bedroom floor plans and an amenity package that features a swimming pool and spa, a fitness center, and a clubhouse. 

Constructed in 2001, Bascom said in a release that The Retreat at Speedway presents a value-add opportunity, with new ownership planning a capital improvement program designed to refresh the clubhouse spaces, pool, spa, and fitness areas, as well as upgrade the residences.

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