Bascom Arizona Ventures grows in Phoenix

Adds 252 multifamily units to holdings

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Bascom Arizona Ventures LLC, a joint venture between The Bascom Group LLC and Multifamily Advisors LLC, has purchased the 252-unit Heather Ridge Apartment community in Phoenix, Ariz. The value of the transaction was $11.4 million. Heather Ridge, located at 4707 East McDowell Road, was constructed in 1983. The approximately 8-acre property features two swimming pools, full covered parking, two laundry facilities, barbeque areas and security gate. The community is comprised of 16 two-story residential buildings. Heather Ridge's 252 garden-style homes consist of six floor plans: a 400-square-foot studio unit; a 440-square-foot one-bedroom/one-bath unit; a 540-square-foot one-bedroom/one-bath unit; a 605-square-foot one-bedroom/one-bath unit; an 815-square-foot two-bedroom/two-bath unit; and an 850-square-foot two-bedroom/two-bath unit. Glenn Daiutolo, one of Bascom's Arizona partners overseeing acquisitions said, "Clearly the Phoenix multifamily market has regained its strength over th...