Bascom Arizona Ventures LLC (BAZV) has purchased Domain 3201, a 289-unit multifamily property located in Tucson, AZ for $45.5 mil or $157.4k per unit.
Constructed in two phases in 1985 and 1990, Domain 3201 is located at 3201 W. Ina Rd, west of I-10 in one of Tucson’s most coveted submarkets. The garden-style community provides seamless access to leading employment centers, premier shopping, dining, and entertaining destinations, including Tucson’s first high-density urban village, Uptown, just a short five-minute drive away.
The property offers residents one-, two- and three-bedroom floor plans and an unmatched amenity package that features three swimming pools, two spas, open green spaces, a fitness center, yoga studio, clubhouse, business center, and two pickleball courts, spanning nearly 12.5 acres.
Domain 3201 is viewed as a value-add opportunity, with new ownership planning a thoughtful capital improvement program designed to elevate everyday living through refreshed clubhouse and leasing office spaces, enhanced pool, spa, and fitness areas, and upgraded residences.
Hamid Panahi, Clint Wadlund, Steve Gebing and Cliff David of Institutional Property Advisors (IPA) advised the buyer and seller in the off-market transaction. Brian Eisendrath, Cameron Chalfant, Ben Margolis and Jesse Zarouk, also with IPA, arranged the acquisition financing, which was provided by BrightSpire Capital Acquisitions LLC. Arizona-based property manager Bryten Real Estate Partners will manage the property.
Hamid Panahi, Clint Wadlund, Steve Gebing and Cliff David of Institutional Property Advisors (IPA) advised the buyer and seller in the off-market transaction. Brian Eisendrath, Cameron Chalfant, Ben Margolis and Jesse Zarouk, also with IPA, arranged the acquisition financing, which was provided by BrightSpire Capital Acquisitions LLC. Arizona-based property manager Bryten Real Estate Partners will manage the property.
The purchase of Domain 3201 comes on the heels of BAZV acquiring the Retreat at Speedway, a 304-unit multifamily property located in Tucson, Arizona for $53.4 million or $175,658 per unit. The Retreat at Speedway was acquired by Bascom's current fund offering, Bascom Value Added Apartment Investors VI, LLC ("Fund VI" or the "Fund"). Fund VI is focused on acquiring apartment communities throughout the U.S. that can be repositioned through value-add renovations, management improvements, recovery from being over leveraged and distressed, or may be a foreclosure and trading at a significant discount.
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