by Evelina Croitoru
Prescott, Ariz.—Bascom Arizona Ventures, an affiliate of private equity firm The Bascom Group, has announced the purchase of Prescott Lakes Senior Community for a price tag of roughly $18 million, or $143,341 per unit.
The property located at 2105 Blooming Hills Drive in Prescott sits 100 miles north of Phoenix, within the Prescott Lake master-planned area. The 123-unit luxury independent living community, which was built in 2003, features ample guest parking, on-site maintenance, a swimming pool and a fitness center. Bascom plans both interior and exterior renovations, which include an in-pool lounge, new entrances and a remodeled clubhouse.
A JLL finance team led by Brian Halpern and Alex Kane arranged the debt financing for the buyer. John Cunningham with JLL represented the undisclosed seller in the transaction.
Image Courtesy of Prescott Lakes Senior Community