Bascom joint venture expands in Arizona

Bascom Arizona Ventures LLC recently announced the acquisition of the 410-unit Tierra Bonita Apartments in Tucson, Ariz.

The value of the transaction was $16 million.

Bascom Arizona Ventures LLC is a joint venture between Irvine, Calif.-based Bascom Group LLC and Scottsdale, Ariz.-based Multifamily Advisors LLC.

Tierra Bonita, located at 175 West Valencia Road, was constructed in 1984. The 12.4-acre property features two swimming pools, two spas, covered parking, three laundries, a clubhouse and a fitness center. The community is comprised of 15 three-story residential buildings, which consist of six floor plans; a 536-square-foot one-bedroom/one-bath unit; a 562-square-foot one-bedroom/one-bath unit; a 616-square-foot one-bedroom/one-bath unit; a 624-square-foot one-bedroom/one-bath unit; a 803-square-foot two-bedroom/one-bath unit; and an 864-square-foot two-bedroom/two-bath unit.

Bascom Arizona Ventures currently owns 13 apartment communities totaling 5,822 units in Arizona with additional acquisitions forthcoming, and is actively seeking to acquire properties in the Phoenix, Tucson and Flagstaff metro areas.

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