A joint venture between Bascom Arizona Ventures LLC and Multifamily Advisors LLC purchased a portfolio of 1,566 apartment units located in the southern Arizona cities of Tucson and Sierra Vista.
The total value of the portfolio was $62.5 million.
The six Tucson properties and one Sierra Vista property range in age from 19 to 23 years. The average size of the portfolio is 223 units, with predominately one- and two-bedroom units. Property features include swimming pools, clubhouses, fitness centers and playgrounds.
Bascom will spend $16.4 million — an average of $10,495 per unit — on renovations, including exterior paint, roofs, asphalt, ceiling fans, lighting, cabinetry, flooring, landscaping, etc.
Irvine, Calif.-based Bascom is an active buyer of multifamily properties throughout Arizona, California, Hawaii, Pacific Northwest, and Texas.
