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December 11, 2017
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Bascom Arizona Ventures Spends $148 Mil on Over 700 Units in Scottsdale

10/30/17

Bascom Arizona Ventures has acquired two AZ luxury apartment communities totaling 724 units for $148 mil, or $204.4k per unit. Located in the highly desirable Kierland master-planned community of North Scottsdale, the properties are within walking distance to the Scottsdale Quarter, Kierland Commons, and the Westin Kierland Resort, Spa, & Golf.

Built in 1996 by premier luxury apartment builder Mark Taylor, Legend at Kierland offers residents two resort-style swimming pools and spas, a stand-alone clubhouse, volleyball court, tennis court, 24-hour fully appointed fitness center, controlled access gated entry, and attached garages. It is located at 6735 E Greenway Pkwy.

Tradition at Kierland, built in 1998 by Mark Taylor, offers one resort-style pool and spa, along with the same amenity package as Legend. The property is at 6633 E Greenway Pkwy.

Residents at both properties benefit from the walkability factor to premiere shopping, dining, and entertainment at nearby Kierland Commons and Scottsdale Quarter, as well as easy access to the Loop 101.

Quadrant Real Estate Advisors LLC provided debt financing, which was arranged by Brian Eisendrath, Brandon Smith, and Annie Rice of CBRE. James Reed of Lincoln Group of Companies advised the buyer and seller in the transactions. The onsite property management will be overseen by Arizona-based Alliance Residential.

The purchases come on the heels of a recent 812-unit portfolio acquisition located in Southern Arizona. Bascom Arizona Ventures also recently acquired three apartment communities located in Tucson & Sierra Vista, AZ for $70.2 mil.

According to Bill Wright, Asset Manager of Bascom affiliate Bascom Arizona Ventures, the company plans to recapitalize the properties with extensive exterior and interior renovations, which will equip both Legend and Tradition with some of the best amenity packages in the area.





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