Stonegate Village sells in Arizona

The Bascom Group recently acquired a 234-unit apartment community known as the Stonegate Village Apartments in Chandler, Ariz.

The value of the transaction was $18.9 million.

The property, located at 2225 West Frye Road, was in bankruptcy and the sale closed on May 28, 2004.

Texas-based Unity Enterprises Properties developed the property in 1999. The grounds are spread over 18.3 scenic acres, featuring a clubhouse fully equipped with a resident lounge, business and conference-room center, two swimming pools with spas, and fitness center. The community is comprised of 15 two- and three-story buildings, a clubhouse, barbecue areas and a playground. These 234 high-end apartment homes consist of eight different floor plans that range from the 729-square-foot 1-bedroom/1-bath units up to the 1,358-square-foot 3-bedroom/2-bath units.

The seller of property was Stonegate Village Chandler Place Holdings LLC.

Brad Goff and Bobby Bull of Phoenix, Ariz.-based Trammell Crow Co. represented the buyer and the seller.

Irvine, Calif.-based Bascom has been an active buyer of multifamily throughout Southern California, Central California, and Hawaii over the past seven years.

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