Bascom Arizona Ventures Buys Tucson Community for $53M
This is the company’s first multifamily purchase since 2020.
Bascom Arizona Ventures, an affiliate of The Bascom Group, has acquired Retreat at Speedway, a 304-unit community in Tucson, Ariz. Weidner Apartment Homes previously owned the asset, according to Yardi Matrix information.
BAZV purchased the property for $53.4 million or $175,658 per unit through Bascom Value Added Apartment Investors VI, marking the firm’s first multifamily acquisition since February 2020. The asset had previously traded for $22.5 million in 2010, the same data provider shows.
BrightSpire Capital Acquisitions originated debt financing in a transaction arranged by Institutional Property Advisors, which also represented both parties in the deal. Going forward, Bryten Real Estate Partners will manage the property.
A Tucson market-rate community
Completed in 2001 at 7401 E. Speedway Blvd., Retreat at Speedway is some 10 miles east of downtown Tucson, near Udall Park and a few retail options, including Walmart Supercenter and Lowe’s Home Improvement.
The garden-style community comprises 26 two-story buildings across an 18-acre site. The unit mix features 160 one-bedroom and 144 two-bedroom apartments ranging from 701 to 998 square feet.
Shared amenities include a swimming pool, spa, fitness center and clubhouse. Bascom Arizona Ventures already plans to launch a capital improvement program to renovate the clubhouse spaces, pool, spa and fitness areas, as well as refurbish the residences.
IPA’s Steve Gebing, Cliff David, Hamid Panahi and Clint Wadlund represented both parties. In addition, the company’s Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk arranged the acquisition financing.
Tucson, one of the emerging U.S. markets
Tucson positioned itself as one of the top 10 emerging housing markets in the U.S. early last year, according to Yardi Matrix data. The metro had one of the largest prices per unit in the lot in 2024, amounting to $307,287 and marking a 131 percent increase year-over-year.
However, prices dropped significantly by the end of 2025. The Tucson multifamily market registered only $213 million in sales over the course of last year, with 11 properties trading at an average per-unit price of $140,614. In 2024, the overall investment volume figure had reached $295 million.
