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10/07/16
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Springs at Silverbell Apartments, a 290-unit luxury community located in Tucson, AZ, was acquired by The Bascom Group LLC and funds managed by Oaktree Capital Management L.P. through a $250 mil venture between the two.
Bascom views the property as a value-add opportunity. They plan to recapitalize the property with exterior and interior renovations which will equip Springs at Silverbell with one of the best amenity packages in the submarket.
Built in 2002, Springs at Silverbell consists of 27 two-story buildings with two resort-style swimming pools and two spas. Other amenities include a state-of-the-art 24-hour fitness center, controlled access gated entry, common area Wi-Fi, barbecue grills, theatre room, and private garages. Springs at Silverbell is positioned in an excellent northwest Tucson location, just west of Interstate 10.
Mark Brotherton, Portfolio Manager of Bascom affiliate Bascom Arizona Ventures, comments, “Springs at Silverbell provided us with an exceptional opportunity to acquire an ‘A’ quality multifamily property in a highly desirable location, well below replacement cost, with significant upside with our value-add program. Springs at Silverbell is our 14th acquisition since August 2012 in the state of Arizona.”
ACORE Capital provided debt financing, which was arranged by Brian Eisendrath, Brandon Smith, and Annie Rice of CBRE. Art Wadlund and Clint Wadlund of Berkadia represented the buyer and seller on this transaction. The onsite property management will be overseen by Arizona based Morrison, Ekre & Bart Management Services (MEB).
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