A joint venture of Bascom Arizona Ventures and Pacific Life Insurance Company has acquired two luxury apartment communities totaling 724 units for $148,000,000 or $204,420 per unit. Located in the highly desirable Kierland master-planned community of North Scottsdale, the properties are within walking distance to the Scottsdale Quarter, Kierland Commons, and the Westin Kierland Resort, Spa, & Golf. Quadrant Real Estate Advisors LLC provided debt financing, which was arranged by Brian Eisendrath, Brandon Smith, and Annie Rice of CBRE. James Reed of Lincoln Group of Companies advised the buyer and seller in the transactions. The onsite property management will be overseen by Arizona based Alliance Residential.
The purchases come on the heels of the recent 812-unit portfolio acquisition located in Southern Arizona. Bascom Arizona Ventures recently acquired three apartment communities located in Tucson & Sierra Vista, Arizona for $70,225,000.
Built in 1996 by premier luxury apartment builder Mark Taylor, Legend at Kierland offers residents two resort-style swimming pools and spas, a stand-alone clubhouse, volleyball court, tennis court, 24 hour fully appointed fitness center, controlled access gated entry, and attached garages. Tradition at Kierland, built in 1998 by Mark Taylor, offers one resort-style pool and spa, along with the same amenity package as Legend. Residents at both properties benefit from the walkability factor to premiere shopping, dining, and entertainment at nearby Kierland Commons and Scottsdale Quarter, as well as easy access to the Loop 101.
Mark Brotherton, Portfolio Manager of Bascom affiliate Bascom Arizona Ventures, comments, “The Kierland portfolio provides us with an exceptional opportunity to acquire two Class A properties in an absolutely perfect location. We are very excited about our newest acquisitions and look forward to commencing our value-add program as soon as possible.”
Bill Wright, Asset Manager of Bascom affiliate Bascom Arizona Ventures, adds, “Bascom will recapitalize the properties with extensive exterior and interior renovations which will equip both Legend and Tradition with one of the best amenity packages in the area. We look forward to creating value for our new residents.”
Ryan Harvey, Acquisition Director for Pacific Life, comments, “Pacific Life is excited to build upon our long-standing relationship with Bascom to reposition the Kierland portfolio into premier, resort-style communities for North Scottsdale.”
