Bascom joint venture expands in Arizona

Buys 400-plus-unit multifamily complex

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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...