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374-Unit Complex Baits $16M Acquisition, Repositioning Plan

CHANDLER, AZ-Bascom Arizona Ventures LLC, partnering with Rockwood Capital, drops $11.8 million on the Hacienda del Sol Apartments. The new owners will pour another $4 million into renovating the class C-minus complex.

By Jennifer D. Duell | Updated on July 05, 2005

(To read more on the multifamily market, click here.)

CHANDLER, AZ-Teaming with Rockwood Capital, Bascom Arizona Ventures LLC has acquired the 374-unit Hacienda del Sol Apartments for $11.8 million. The Scottsdale-based investor will sink another $4 million into the class C-minus complex to bring it up to a class B status.

Hacienda del Sol Apartments at 868 S. Arizona Ave. needs significant exterior and interior renovations, says Jerry Finney, a partner with Bascom Arizona. “It’s rundown and we see an opportunity to fix it up and provide affordable housing to first-time renters,” he tells GlobeSt.com.

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