Bascom Arizona Ventures, a subsidiary of The Bascom Group, has acquired the Tempo at McClintock Station Apartments, a multifamily property. The seller was P7 McClintock Station Owner LLC. The price of the acquisition was $89.2 million.
SCOTTSDALE, Ariz., March 4, 2019 /PRNewswire/ — Bascom Arizona Ventures, LLC a subsidiary of Irvine, California-based private equity firm The Bascom Group, LLC has acquired the Tempo at McClintock Station Apartments (“Tempo”). Tempo is a mid-rise multifamily property consisting of 423 residential units and one retail unit in Tempe, Arizona. The price was $89.2 million, or $210,377 per unit. The seller was P7 McClintock Station Owner, LLC.
Tempo at McClintock Station is a Class A multifamily property situated in the booming North Tempe submarket. Residents of Tempo have “doorstep” access to the Valley Metro Rail, which provides access to Downtown Tempe, the campus of Arizona State University, Sky Harbor International Airport, and Downtown Phoenix.
Tempo is a highly amenitized, institutional quality Class A property and was constructed in 2017 by luxury apartment builder Fore Property Company. The property offers residents a wide selection of unique 1, 2 and 3-bedroom apartment homes that feature exclusive community and state of the art amenities. Amenities include a BBQ/picnic area, cyber/tech lounge, two resort-style pools with surrounding cabana areas, a volleyball court, rentable storage closets, self-service bike repair, private garages, package concierge service, gated Community, dog park with self-service dog grooming area, community clubhouse, and a 24/7 state of the art fully-equipped fitness center with separate yoga and spin studios.
The new ownership plans to invest in capital improvements, including upgraded finishes to the leasing office, clubhouse, pool and other common areas, as well as unit interiors.
“Tempo provides an exceptional, high quality, low-risk, off-market investment opportunity in the ever-growing ASU/Tempe area,” says Mark Brotherton, portfolio manager of Bascom Arizona Ventures. “Tempo offers a new build, soon to be stabilized, core asset, with tremendous upside through mark-to-market rental rates, loss-to-lease burn off, and the elimination of lease-up concessions.”
Oaktree Real Estate Finance II, LLC provided debt financing, which was arranged by Brian Eisendrath, Brandon Smith and Annie Rice of CBRE, for the acquisition.
Stephen Peters of Melody West advised the buyer and seller in the transaction. Arizona-based MEB Management Services will manage the property.
About Bascom Arizona Ventures: Bascom Arizona Ventures, LLC, (“BAZV”) a joint venture between Multifamily Advisors, LLC and The Bascom Group, LLC (“Bascom”) was formed to acquire transitional multifamily assets in the southwestern United States. BAZV, founded by Glenn Daiutolo, has completed over $1.37 billion in multifamily transactions totaling over 16,000 units in Arizona since 2004. Bascom is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $15.5 billion in multifamily and commercial value-added transactions including more than 321 multifamily properties containing over 83,986 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom’s subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Venture Partners, Bascom Milestone Ventures, and the Realm Group. Bascom’s subsidiaries also include Premier Business Centers, the largest privately held executive suite and co-working company in the U.S. For additional information, please visit www.bascomgroup.com.