$250M JV Acquires Tucson Property
The Bascom Group and affiliates of Oaktree Capital Management plan a major renovation for the 252-unit community.
Tucson, Ariz.—The $250 million joint venture by The Bascom Group and funds managed by Oaktree Capital Management acquired La Entrada Apartments, located at 255 N. Granada Ave. in Tucson, Ariz. ACORE Capital provided debt financing, arranged by Brian Eisendrath, Brandon Smith and Annie Rice of CBRE. Onsite property management will be provided by Morrison, Ekre & Bart Management Services.
Built in two phases in 1984 and then 2005, the 252-unit community offers one-, two- and three-bedroom floorplans ranging from 733 to 1,338 square feet, according to Yardi Matrix. In-unit features include washer/dryer hookups, fireplaces, private balcony/patios and vaulted ceilings. Residents have access to amenities such as a clubhouse, tennis and basketball court, fitness center, barbecue area with picnic tables, swimming pool, spa, laundry facility and 205 parking spaces.
“Bascom will recapitalize the property with exterior and interior renovations, which will equip La Entrada with one of the best amenity packages in the submarket,” said Bill Wright, asset manager of Bascom affiliate Bascom Arizona Ventures. “We look forward to creating value for our new residents.”
This purchase follows the recent acquisitions of the 290-unit Springs at Silverbell and 196-unit Springs at Continental Ranch, both Class A communities also located in Tucson.
“La Entrada provided us with an exceptional opportunity to acquire another multifamily property in a highly desirable location, well below replacement cost, with significant upside with our value-add program,” said Mark Brotherton, portfolio manager of Bascom Arizona Ventures. “La Entrada is our 16th acquisition since August 2012 in the state of Arizona, and our third in Tucson in the last few months. We are very excited about our newest acquisition and look forward to commencing our value-add program as soon as possible.”
Image courtesy of Yardi Matrix