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GlobeSt.com EXCLUSIVE: Bascom Arizona Drops $37M for 656 Units

PHOENIX-Pushing its acquisition activity into overdrive, Bascom Arizona Ventures LLC puts up $36.6 million for the 460-unit Club Oasis and 196-unit Sunrise Village. At the crux of the off-market deals is a market exit by a Los Angeles-based family trust.

By Jennifer D. Duell | Updated on July 25, 2005

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

PHOENIX-As part of its aggressive investment strategy, Bascom Arizona Ventures LLC, partnering with Rockwood Capital, has shelled out $36.6 million for two class B apartment complexes with 656 units.

The 460-unit Club Oasis and 196-unit Sunrise Village were acquired in off-market transactions from Barmar Associates, a Los Angeles-based family trust in the midst of selling five other multifamily assets to complete a market exit. “Both of these complexes offer value-added opportunities,” says Steven Hovland, Bascom Arizona’s director of asset management. He tells GlobeSt.com that the firm will spend an extra $6 million to update the properties.

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