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July 22, 2018
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Bascom Arizona Ventures Spends $70 Mil on Over 800 Units in the State


Bascom Arizona Ventures has purchased a three-property, 812-unit portfolio of multifamily assets in Southern Arizona in a transaction valued at $70.2 mil. The properties are:

• Summit Vista, 288 units, Tucson
• Crescent Ridge, 272 units, Tucson
• Port Royale, 252 units, Sierra Vista

“Multifamily property fundamentals in Southern Arizona have rebounded triumphantly due to stabilization in the single-family housing market and positive strides in the job market,” says Hamid Panahi, first vice president investments at Institutiona Property Advisors (IPA). “Current market dynamics are creating excellent acquisition opportunities as prices remain below peak levels and capital markets remain attractive. Properties can be purchased at discounts to replacement cost and in most cases, on healthy in-place yields,” Panahi continues. “Given the long-term growth potential for Tucson, multifamily acquisitions effectuated during this current growth cycle should prove to be lucrative investments.”

Panahi, along with IPA colleagues Steve Gebing and Cliff David, represented the buyer and the seller, a private investor.

“Summit Vista and Crescent Ridge provide a rare combination of scale and upside in a dynamically expanding neighborhood, and stand out as premier investments for Bascom, which recently acquired three other properties in the Tucson metro,” adds Panahi.

The two properties are situated within the rapidly growing North Tucson submarket with close proximity to key employment draws, including Northwest Medical Center, Foothills Mall, and Arizona Pavilions shopping center. Located 1.8 miles apart, the two complexes allow Bascom to establish a substantial presence with operational efficiency and are well positioned to undergo exterior and interior upgrades to enhance revenue.

Port Royale is situated near Fort Huachuca, Cochise College, and the University of Arizona South Campus.

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