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Three-Year Flip With Reno Earns Sizable Profit

TEMPE, AZ—Bascom Group recently completes the $56.7 million sale of an apartment complex to buyers, TruAmerica Multifamily and Investcorp.

By Lisa Brown | lisabrown | | Updated on May 20, 2016
Little Cottonwoods Bascom Arizona Ventures invested $3.8 million in renovations.
TEMPE, AZ— Little Cottonwoods , built in various phases between 1985 and 1991, is located at 1820 E. Bell De Mar Dr. and comprises 379 multifamily units. Bascom Arizona Ventures purchased the complex in February 2013 for $42.7 million or $112,800 per unit and invested $3.8 million in renovations. Bascom Group has recently completed the $56.7 million sale of the apartment complex, commanding $149,000 per unit. The buyers were TruAmerica Multifamily and Investcorp. MEB Management Services has served as Bascom Arizona’s management company for more than 10 years. Little Cottonwoods is one of the multifamily projects for which MEB has provided property management. Libby Ekre , principal, MEB Management Services, tells GlobeSt.com: “Terrific location!  Little Cottonwoods is located in Tempe, a town that has received numerous awards including Best Place to Start a Business, positioned just west of the Loop 101 (Price Freeway) and adjacent to the Arizona State University Research Park , one of the major office and recreational parks in Greater Phoenix.” Pool upgrades during the ownership period included colored LED lighting, new furniture and a new poolside firepit. Clubhouse upgrades include contemporary furniture, new fixtures and new flooring.  Fitness center upgrades included equipment installation. Interior upgrades were made to half of the units. This included new kitchens, new flooring, two-toned paint, contemporary lighting, plumbing fixtures and finishes, and new hardware. The apartments have washer/dryers and the two- and three-bedroom apartments include garages. “MEB is so proud to be a part of creating value for our partners, clients and investors of Little Cottonwoods,” said Mark Schilling , executive vice president and principal of MEB Management Services. “We are truly grateful to our team members that worked diligently every day to create an incredible community environment for the residents at Little Cottonwoods.”  

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