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JV Buyer Works Out $18M Takedown of 432-Unit Value-Add

MESA, AZ-Bascom Arizona Ventures teams with KeyBank Real Estate Capital on the $17.6-million acquisition of the 47-building Inglewood Village Apartments after two other investment groups failed in their bids to get the deal to the closing table.

By Jennifer D. Duell | Updated on March 28, 2005

MESA, AZ-Bascom Arizona Ventures LLC, marking its fifth multifamily acquisition in the Valley in a year, has paid $17.6 million for the 432-unit Inglewood Village Apartments. The class B-minus complex was listed for $18.5 million.

Joint venture partners Bascom Group LLC of Irvine, CA and Multifamily Advisors LLC of Scottsdale teamed on the acquisition with Cleveland-based KeyBank Real Estate Capital. The seller of Inglewood Village at 1050 S. Longmore St. was New York-based pension fund adviser Sentinel Real Estate Fund.

“This is our typical value-added play,” says Glenn Daiutolo, a partner with Bascom Arizona who oversees acquisitions, adding the property fell out of escrow a couple times. He tells GlobeSt.com that the JV will spend $10,250 per unit on renovations that are set to begin within 30 days. Interior upgrades call for new washer/dryer connections and appliances, ceiling fans and bathroom updates. Exterior improvements include new roofs and landscaping. Commercial Services Building Inc. of Anaheim, CA is handling the renovation, which is expected to be completed by early 2006, according to Daiutolo.

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