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August 29, 2014
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MULTIFAMILY NEWS
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Bascom Completes $35 Mil AZ Apt Buy

4/12/13

Bascom Arizona Ventures just acquired The Fairways Apartments, a 352-unit community located in Chandler, AZ, for $35.2 mil, $100k/unit. The purchase represents Bascom’s 9th recent acquisition in Arizona.

The Fairways is an A asset covering 19.7 acres with an average unit size of 965 sf. Situated adjacent to the San Marcos Golf Club, The Fairways is located within two miles of the Chandler Fashion Center Mall, and a couple blocks from Historic Downtown Chandler and its unique collection of eclectic art galleries, trendy shops and award winning restaurants. A renovation is planned to improve the property’s amenity package and appearance to maximize rent growth and occupancy.

The property offers residents two resort-style swimming pools, two spas, a state-of-the-art fitness center, barbeques, volleyball, children’s playground, garages, and a luxurious clubhouse. The interiors all have 9’ ceilings, a contemporary kitchen, vaulted ceilings, private patios and balconies, and washer/dryers.

Steve Gebing and Cliff David from Marcus & Millichap represented the buyer and seller in the transaction. Gary Mozer and Katie Rodd of George Smith Partners, along with Brian Eisendrath and Brandon Smith from CBRE, arranged the equity and financing for the purchase. The onsite property management for the property will be overseen by Arizona based Morrison, Ekre & Bart Management Services (MEB).

Bascom Arizona recently closed on eight other deals in Arizona: Coldwater Springs; Estates on Maryland Apartments; Brookstone at the Foothills Apartments; Madera Pointe Apartments; Alpine Ridge; Country Brook; Little Cottonwoods; and The Highlands.

Mark Brotherton, Asset Manager for Bascom Arizona Ventures, comments, “The Fairways at San Marcos” provides an exceptional opportunity to acquire an institutional quality Class “A” foreclosed multifamily property in Chandler, one of the most desirable areas of the Phoenix Metropolitan Area, that is well below replacement cost with very attractive cash on cash returns and with significant upside in current operations with our value add program.” Bascom Arizona recently acquired over 3,000 units in Arizona within the past seven months, and is looking to close on additional property in the next thirty days.”







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