A subsidiary of Irvine, California based private equity firm The Bascom Group, Bascom Arizona Ventures, has acquired a 37-unit property located in downtown Tempe, Arizona
A subsidiary of Irvine, California based private equity firm The Bascom Group, Bascom Arizona Ventures, has acquired a 37-unit property located in downtown Tempe, Arizona. The price of purchase was $11.5 million, or $310,811 per unit. fintech news
Dolce Villaggio Townhomes is located within the downtown Urban Core Master Plan Community in Tempe. The property is within walking distance of Arizona State University, multiple shopping, and Tempe Town Lake, employment, and entertainment developments. Built in 2007, the property offers spa and a swimming pool, spacious two and three-bedroom floorplans, and attached two-car garages for all units.
The purchase follows a recent acquisition of Tempo by Bascom at McClintock Station Apartments located near Arizona State University. Tempo is a mid-rise multifamily property comprising of 423 residential units and one retail unit in Tempe, Arizona. The cost was $89.2 million, or $210,377 per unit.
The new ownership group intends to invest in capital improvements to the property, including upgrades to the pool and unit interiors.
Mark Brotherton, portfolio manager of Bascom Arizona Ventures said that “Dolce provides us with an exceptional opportunity to acquire another property within the forever growing downtown Tempe area. We are very excited about our latest acquisition and look forward to commencing our value-add program as early as possible.”
Comerica Bank gave debt financing for the acquisition, which was arranged by Erich Pryor of Talonvest Capital Inc.
Matt Roach, Chris Roach, and Brad Cooke of Colliers International advised the buyer and seller in the transaction. MEB Management Services based in Arizona will manage the property.