Bascom Arizona Ventures, a subsidiary of The Bascom Group, has acquired Dolce Villaggio Townhomes, a 37-unit property in Tempe, Arizona. The purchase price was $11.5 million.
SCOTTSDALE, Ariz., Feb. 17, 2020 /PRNewswire/ — Bascom Arizona Ventures, a subsidiary of Irvine, California based private equity firm The Bascom Group, LLC has acquired a 37-unit property located in downtown Tempe, Arizona. The purchase price was $11.5 million, or $310,811 per unit.
Dolce Villaggio Townhomes is situated within downtown Tempe’s Urban Core Master Plan Community. The property is within walking distance of Arizona State University, Tempe Town Lake, and multiple shopping, employment and entertainment developments.
Constructed in 2007, the property offers a swimming pool and spa, spacious two- and three-bedroom floorplans, and attached two-car garages for all units.
The purchase follows Bascom’s recent acquisition of Tempo at McClintock Station Apartments located near Arizona State University. 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 new ownership group plans to invest in capital improvements to the property, including upgrades to the pool and unit interiors.
“Dolce provides us with an exceptional opportunity to acquire another property within the forever growing downtown Tempe area,” says Mark Brotherton, portfolio manager of Bascom Arizona Ventures. “We are very excited about our newest acquisition and look forward to commencing our value-add program as soon as possible.”
Comerica Bank provided debt financing, which was arranged by Erich Pryor of Talonvest Capital Inc., for the acquisition.
Chris Roach, Matt Roach, and Brad Cooke of Colliers International advised the buyer and seller in the transaction. Arizona-based MEB Management Services will manage the property.
About Bascom: 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 $16.0 billion in multifamily and commercial value-added transactions including more than 330 multifamily properties containing over 85,000 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 Workspaces, the largest privately held coworking company in the U.S. For additional information, please visit www.bascomgroup.com.
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 $1.4 billion in multifamily transactions totaling over 16,000 units in Arizona since 2004.