Cushman & Wakefield of Arizona, Inc. announced the purchase of three Valley multi-family complexes by The Bascom Group, for $77M.
The Irvine, Calif.-based company, represented by Jim Crews, Brett Polachek and Tara Lewis of Cushman & Wakefield, completed the purchases of properties in Avondale, Mesa and Phoenix during the past 14 days.
Coldwater Springs Apartments, 12115 W. Van Buren Ave., was purchased for $27.2M. The 301-unit complex was built in 2007 and is 92% occupied. The apartment homes range in size from 705 to 1,241 SF in one, two and three-bedroom configurations.
The property features a movie theater, fitness center, clubhouse and business center. Bascom Arizona Ventures, LLC served as the Arizona partnership of The Bascom Group in the sale. The seller was Coldwater Springs Apartments LLC, a partnership led by Fore Property Co. of Las Vegas.
The Bascom Group also purchased Madera Point at 445 S. Dobson Rd. in Mesa. The 256-unit complex was built in 1985 and most of the units have been fully upgraded. The buyer purchased the complex from Texas-based Variable Annuity Life Insurance Company for a price of $14.35M.
Brookstone at the Foothills, 4424 E. Baseline Rd. in Phoenix (above photo), also was purchased by The Bascom Group for $35.57M. The 528-unit complex of apartment homes was built in 1986 and features more than 70% two and three-bedroom units. The upgraded complex offers an average unit size of 894 SF and is very well leased. Variable Annuity Life Insurance Company also was the seller of this two-story complex
“The Bascom Group focuses its attention on acquiring value-added, multi-family properties. The company was very successful with a previous cycle of acquisitions in Arizona during 2004 and 2005,” says Crews, senior director with Cushman & Wakefield of Arizona, Inc.
“These recent acquisitions were either recently built or recently renovated properties that were purchased at well below replacement cost. This is a strategic time to purchase highly amenitized multi-family properties in Metro Phoenix and we expect this client will be highly successful with these investments.”