A joint venture between Bascom Arizona Ventures LLC and Rockwood Capital Partnership recently purchased a 582-unit apartment community known as the Tiburon Apartments in Mesa, Ariz.
The value of the transaction was $18.5 million.
FEIGA/Tiburon L.P., a Delaware Limited Partnership, sold the property.
The Tiburon Apartments, located at 901 South Country Club Road, were built in 1987 by PF West Development. The community is comprised of 26 three-story buildings, a clubhouse, barbecue areas and a playground. Additionally there is parking available that includes 582 carports and 328 open spaces for a total of 910 parking spaces. Tiburon possesses mature landscaping and sprawling courtyards. There are six different floor plans that range from 418-square-foot studio units up to the 759-square-foot, 2-bedroom/1-bath units.
The grounds are spread over 17.8 scenic acres featuring a large two-story clubhouse, which includes the leasing offices, a laundry room with 28 washers/dryers, two racquetball courts, utility storage areas and a social room with kitchenette on the first floor. The second floor features a balcony overlooking the social room, two private offices, and an exercise room. The community also includes two swimming pools, a Jacuzzi, jogging trail, sports courts, and fitness center.
Irvine, Calif.-based Bascom Group LLC is an active buyer of multifamily properties throughout California, Hawaii, Arizona, Utah and the Pacific Northwest.
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