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.


What’s your opinion? Send your Letter to the Editor to

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription