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by CareyBot

A joint venture between Bascom Arizona Ventures LLC and Multifamily Advisors LLC purchased a portfolio of 1,566 apartment units located in the southern Arizona cities of Tucson and Sierra Vista. The total value of the portfolio was $62.5 million. The six Tucson properties and one Sierra Vista property range in age from 19 to 23 years. The average size of the portfolio is 223 units, with predominately one- and two-bedroom units. Property features include swimming pools, clubhouses, fitness centers and playgrounds. Bascom will spend $16.4 million -- an average of $10,495 per unit -- on renovations, including exterior paint, roofs, asphalt, ceiling fans, lighting, cabinetry, flooring, landscaping, etc. Irvine, Calif.-based Bascom is an active buyer of multifamily properties throughout Ar...