Bascom Arizona Ventures LLC, a joint venture between The Bascom Group LLC and Multifamily Advisors LLC, has purchased the 252-unit Heather Ridge Apartment community in Phoenix, Ariz.
The value of the transaction was $11.4 million.
Heather Ridge, located at 4707 East McDowell Road, was constructed in 1983. The approximately 8-acre property features two swimming pools, full covered parking, two laundry facilities, barbeque areas and security gate. The community is comprised of 16 two-story residential buildings. Heather Ridge’s 252 garden-style homes consist of six floor plans: a 400-square-foot studio unit; a 440-square-foot one-bedroom/one-bath unit; a 540-square-foot one-bedroom/one-bath unit; a 605-square-foot one-bedroom/one-bath unit; an 815-square-foot two-bedroom/two-bath unit; and an 850-square-foot two-bedroom/two-bath unit.
Glenn Daiutolo, one of Bascom’s Arizona partners overseeing acquisitions said, “Clearly the Phoenix multifamily market has regained its strength over the past year. Vacancy rates and concessions have been on the decline for the past two and a half years, resulting in a dramatic rise in net-effective rents. Additionally, the recent decline in multifamily construction, strong job growth and increasing interest rates bode well for apartment demand. The affordability we have seen in single-family housing over the last few years is disappearing; and we expect to see dramatic increases in rental rates over the next couple of years.”