Bascom Arizona Ventures, in a joint venture with Connecticut-based GE Capital, purchased two Arizona apartment communities totaling 1,124 units.
The value of the transaction was $84 million.
The acquisition included the 644-unit Scottsdale Greens and the 480-unit Newport Landing Apartment communities located at 7791 East Osborn Road in Scottsdale, and at 5205 West Thunderbird Road in Glendale, respectively.
The identity of the seller was not disclosed.
Scottsdale Greens was built in two phases in 1979 and 1980. The 31-acre property features four swimming pools and spas, four sport-courts that include tennis and basketball, numerous BBQ areas, clubhouse, business center, and a very large fitness center encompassing 3,000 square feet. The community is comprised of 84 one- and two-story residential buildings. Scottsdale Greens consists of five different floor plans ranging from 680-square-foot one-bedroom units to 1,444-square-foot three-bedroom/two-bath units. The property was 98 percent occupied at the time of closing.
Newport Landing was built in two phases in 1987 and 1996. The 20-acre property features three swimming pools and spas, several BBQ areas, a clubhouse, a movie theater, and a fitness center. The community is comprised of 35 two-story residential buildings. Newport Landing consists of 10 different floor plans ranging from 444-square-foot one-bedroom units to 1,162-square-foot three-bedroom/two-bath units.
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