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Bascom Arizona Closes $19M Takeover of 582-Unit Complex

MESA, AZ-Tiburon Apartments trades for $18.5 million to Bascom Arizona Ventures, a partnership between the Bascom Group and Multifamily Advisors. The partners plan to sink $4 million into renovating the class B complex.

By Jennifer D. Duell | Updated on November 28, 2004

MESA, AZ-Bascom Arizona Ventures, a partnership between the Bascom Group LLC and Multifamily Advisors LLC, has made its second value-add acquisition in the Valley, spending $18.5 million for the 582-unit Tiburon Apartments.

Feiga Tiburon LP of Great Neck, NY, was the seller of the 93%-leased, class B complex at 901 S. Country Club Dr. here. “This buy fits the Bascom MO to buy value-added properties and clean them up,” says Glenn Daiutolo of Bascom Arizona, who searches out acquisition opportunities for the partnership along with partner Jerry Finney. “Tiburon has fallen on hard times and we’re going to completely re-position it.”

Daiutolo tells GlobeSt.com that Tiburon’s net operating income dropped nearly 60% between 1999 and 2004. “The complex was offering as much as three months’ free rent,” he says. “What is killing multifamily in Arizona is the concessions.” He adds Bascom Arizona expects most of the upside to come from increasing rents and burning off concessions.

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