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Bascom Clears Another Deal for $400M Buying Spree

CHANDLER, AZ-Bascom Arizona LLC purchases the 320-unit Chandler Place, its fifth multifamily property in as many weeks. The 92%-leased asset brings $22.4 million, or $70,000 per unit, in a value-add play with $2.5 million set aside for renovations.

By Amy Wolff Sorter | Updated on August 02, 2005

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

CHANDLER, AZ-Scottsdale-based Bascom Arizona LLC has landed another 320 units in its plan to spend $400 million on multifamily properties in and around metro Phoenix. The 92%-leased Chandler Place is the latest asset to flow into the portfolio.

David Fogler of Grubb & Ellis/BRE Commercial LLC in Phoenix represented the local seller, Magellan Chandler Place LP, which sold the property at 2222 N. McQueen Rd. for $22.4 million to Bascom Arizona. Since spring 2004, Bascom Arizona and the San Francisco-based Rockwood Capital LLC have acquired more than $150 million of multifamily properties in Arizona. Recent acquisitions included the 460-unit Club Oasis, also in Chandler, and 196-unit Sunrise Village in Mesa.

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