|
|
1/29/13
|
Bascom Arizona Ventures LLC purchased Alpine Ridge Apartments, a 194-unit community located in Flagstaff, AZ, for $13.6 mil, or about $70k/unit. The property, acquired by Bascom on behalf of a fully discretionary fund, was built in 1992 and sits on over 6.7 acres at 901 S. O’Leary St.
The Class B+ property has an average unit size of 814 sf and is located within two blocks of Northern Arizona University (NAU). Alpine Ridge is the closest privately owned apartment community to NAU, within less than half a mile walking distance to the University’s state-of-the-art aquatic center, fitness center, and Lumberjack Stadium. The community offers residents assigned covered parking spaces, and barbeque areas throughout the community.
Robert L. Chester represented the unnamed seller in the transaction. The onsite property management will be overseen by Arizona-based Morrison, Ekre & Bart Management Services (MEB). Bascom intends to upgrade unit interiors and spruce up the common areas at Alpine in order to compete with newer Class A properties, and to maximize net effective rents during the current market recovery.
The purchase comes on the heels of these other recent Bascom acquisitions: Estates at Maryland, a 330-unit, Class A community located in Phoenix; Coldwater Springs, a 301-unit Class A community located in Avondale; Brookstone at the Foothills, a 528-unit Class B community located in Phoenix; and Madera Point, a 256-unit Class B community located in Mesa.
Mark Brotherton, Asset Manager for Bascom Arizona Ventures, comments, “After our successful 12-property portfolio sale in 2007, we feel now is the best time to buy back into the Arizona region. This will be our fifth purchase in the past six months, and we are looking to expand even more with additional acquisitions slated to close in the next month.”
Bascom Arizona previously acquired 5,174 units in the Phoenix metropolitan area between 2004 and 2006. Brotherton continues, “With Flagstaff’s high barrier to entry, NAU’s extensive expansion plan, and the shortage of student housing, Alpine Ridge offered us with a very attractive value add opportunity.”
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
