Bascom Arizona Ventures, a subsidiary of The Bascom Group, has purchased Dolce Villagio Townhomes, a 37-unit community in Tempe, Ariz., from a private owner. The company paid $11.5 million for the Class A asset, with Talonvest Capital Inc. securing acquisition financing from Comerica Bank. Colliers International advised both parties in the transaction.
Located at 202 S. Hardy Drive within downtown Tempe’s Urban Core Master Plan, the 2007-developed community offers two- and three-bedroom floorplans of 1,193 and 1,694 square feet, respectively. Amenities include a swimming pool and spa, as well as two-car garages for all units. MEB Management Services will manage the property, which is set to undergo capital improvements, including pool and unit interior upgrades.
The property is 1 mile south of Red Mountain Freeway, within walking distance of the city center, Arizona State University and Sun Devil Football Stadium. Phoenix Sky Harbor International Airport is less than 5 miles west of the community.
Colliers International’s Chris Roach, Matt Roach and Brad Cooke represented both the buyer and the seller in the deal. Erich Pryor of Talonvest Capital arranged the acquisition financing.
In March, Bascom made another Tempe acquisition, paying more than $89 million for a 423-unit community completed in 2018. The LEED Silver property is less than 4 miles east of Dolce Villagio.