TODAY’S DEALS: Bascom Acquires Phoenix-Area Asset for $35.2M
Chandler, Ariz.—Bascom Arizona Ventures has completed its acquisition of a 352-unit asset in Chandler, Ariz., known as The Fairways. The $35.2 million transaction was arranged by Marcus & Millichap on behalf of the seller, Situs Holdings. The Fairways is located on the San Marcos Golf Resort, about a half hour drive from downtown Phoenix. Built in two phases in 1986 and 1996, the property is only a mile from downtown Chandler. Apartment units average 965 square feet in size.
“Developed in two phases by two distinctly different developers, The Fairways features some of the most unique property characteristics and architectural advantages found within the Greater Phoenix multifamily market, particularly among assets built during the 1980s and 1990s,” says Cliff David, vice president investments at Marcus & Millichap.
Senior Living Investment Brokerage closes two Oregon sales
Klamath Falls & Clackamas, Ore.—Senior Living Investment Brokerage Inc. has facilitated the sale of two seniors housing properties in Oregon. East Coast REIT was the buyer, the seller was an Oregon-based investor.
The first transaction was an assisted living and memory care facility located in Klamath Falls. That 2000-built facility received an addition in 2011, making it a 112-unit asset with 64 assisted living units and 48 memory care units. At the time of sale occupancy was near 95 percent. The property carried a transaction price of $21 million.
The second sale was an assisted living facility located in Clackamas, Ore., about 10 miles southeast of Portland. The 1999-built property has 41 studio units and 12 one-bedroom units. It was 93 percent occupied and sold for $6.8 million.
Lee & Associates closes $1.4M sale
Glendale, Calif.—Lee & Associates has closed the $1.4 million sale of an eight-unit property located at 238 N. Verdugo Road in Glendale, Calif. The buyer and seller were both private investors, and the seller had owned the property for more than 10 years. The buyer is looking to hold the property—which was fully leased at closing—for a long term investment.
“This sale represents an uptick in multifamily investments activities,” says Widjaja Chen, senior vice president at Lee & Associates. “Buyers are taking the low interest rate opportunities to acquire good located assets as a hedge against other types of investments. This sale provided a ‘win-win’ situation for the buyer and seller who were both able to achieve their investment goal through this transaction.”