Bascom Arizona Ventures acquired Coldwater Springs Apartments, a 301-unit community in Avondale for $27.2M.
Bascom Arizona Ventures worked with Brandon Smith and Brian Eisendrath of CBRE to arrange the financing for the purchase. The debt financing was provided by Ares Management.
Jim Crews represented the buyer and seller in the transaction. The onsite property management will be overseen by Arizona based Morrison, Ekre & Bart Management Services (MEB). The purchase comes on the heels of the recent acquisition of Estates at Maryland, a 330-unit “Class A” community located in Phoenix.
Coldwater Springs, built in 2007, is a Class A property situated on a vast 16.5 acres with an average unit size of 956 SF. Each unit includes 9-foot vaulted ceilings, full appliances, ceramic tile floors, private balconies and patios, full size washer/dryers, walk-in closets, and roman tubs with tile surround.
Community features include: two resort style swimming pools with private cabanas, billiards and game room, full clubhouse, 24-hour fitness center and a state of the art business center and movie theater. Coldwater Springs also boasts energy efficient features such as energy-star appliances, dual pane low-E windows, 13 seer heating and cooling efficiencies, and energy efficient lighting.
The property is located in the heart of Metro Phoenix, with close vicinity to the METRO light rail, Downtown Phoenix, the prominent West Gate City Center, and Interstate I-10.
“After our successful 12-property portfolio sale in 2007, we feel now is the best time to buy back into the Arizona region,” said Mark Brotherton, Asset Manager for Bascom Arizona Ventures, comments. “This will be our second purchase in the past month, and we are looking to expand even more with additional acquisitions slated to close in the next month.”
Bascom Arizona previously acquired 5,174 units in Metro Phoenix between 2004 and 2006.
“We are looking to acquire assets that range from “A’s” to “C’s”, preferably with “in-fill” location and with a value-added component,” Brotherton said.
Bill Wright, Asset Manager supervising renovations for Bascom Arizona Ventures, adds:
“We intend to upgrade unit interiors and spruce up the common areas at both properties in order to compete with newer ‘Class A’ properties, and to maximize net effective rents during the current market recovery. We were very successful with our business plan during the last cycle.”