SCOTTSDALE, Ariz., Nov. 1, 2017 /PRNewswire/ — A joint venture of Bascom Arizona Ventures and Pacific Life Insurance Company has acquired two luxury apartment communities totaling 724 units for $148,000,000 or $204,420 per unit. Located in the highly desirable Kierland master-planned community of North Scottsdale, the properties are within walking distance to the Scottsdale Quarter, Kierland Commons, and the Westin Kierland Resort, Spa, & Golf. Quadrant Real Estate Advisors LLC provided debt financing, which was arranged by Brian Eisendrath, Brandon Smith, and Annie Rice of CBRE. James Reed of Lincoln Group of Companies advised the buyer and seller in the transactions. The onsite property management will be overseen by Arizona based Alliance Residential.
The purchases come on the heels of the recent 812-unit portfolio acquisition located in Southern Arizona. Bascom Arizona Ventures recently acquired three apartment communities located in Tucson & Sierra Vista, Arizona for $70,225,000.
Built in 1996 by premier luxury apartment builder Mark Taylor, Legend at Kierland offers residents two resort-style swimming pools and spas, a stand-alone clubhouse, volleyball court, tennis court, 24 hour fully appointed fitness center, controlled access gated entry, and attached garages. Tradition at Kierland, built in 1998 by Mark Taylor, offers one resort-style pool and spa, along with the same amenity package as Legend. Residents at both properties benefit from the walkability factor to premiere shopping, dining, and entertainment at nearby Kierland Commons and Scottsdale Quarter, as well as easy access to the Loop 101.
Mark Brotherton, Portfolio Manager of Bascom affiliate Bascom Arizona Ventures, comments, "The Kierland portfolio provides us with an exceptional opportunity to acquire two Class A properties in an absolutely perfect location. We are very excited about our newest acquisitions and look forward to commencing our value-add program as soon as possible."
Bill Wright, Asset Manager of Bascom affiliate Bascom Arizona Ventures, adds, "Bascom will recapitalize the properties with extensive exterior and interior renovations which will equip both Legend and Tradition with one of the best amenity packages in the area. We look forward to creating value for our new residents."
Ryan Harvey, Acquisition Director for Pacific Life, comments, "Pacific Life is excited to build upon our long-standing relationship with Bascom to reposition the Kierland portfolio into premier, resort-style communities for North Scottsdale."
The Bascom Group, LLC is a private equity firm specializing in value-added multifamily, commercial, non-performing loans, and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, increasing revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Bascom has completed over $13.3 billion in multifamily and commercial value-added transactions since 1996 including more than 528 multifamily properties containing over 141,000 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom’s subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Venture Partners, Milestone Partners, and the Realm Group. Bascom’s subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the U.S. For additional information, please visit www.bascomgroup.com.
About Pacific Life
Offering insurance since 1868, Pacific Life provides a wide range of life insurance products, annuities, and mutual funds, and offers a variety of investment products and services to individuals, businesses, and pension plans. Pacific Life counts more than half of the 100 largest U.S. companies as its clients. For additional company information, including current financial strength ratings, visit www.PacificLife.com.
Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. Client count as of June 2017 is compiled by Pacific Life using the 2017 FORTUNE 500® list.
For more information, please contact Mark Brotherton at firstname.lastname@example.org, or Bill Wright at email@example.com.
SOURCE Bascom Arizona Ventures, LLC