DEAL OF THE DAY: Arizona Renovation Play Pays Off

Estates on Maryland

Phoenix—Bascom Arizona Ventures has executed a Phoenix value-add play in a big way. The Scottsdale-based firm sold three apartment communities to Iowa-based BHE Acquisitions for a $116 million price tag, according to Yardi Matrix records. The Cooke Multifamily Team at Colliers International in Greater Phoenix announced the 1,114-unit sale yesterday afternoon. Bascom picked up all three properties back in the summer of 2012 and then got to work.

“The seller had recently completed major renovations and was achieving significant income growth, which continued through the transaction,” said Cindy Cooke, senior executive vice president at Colliers. “It will be exciting to see the plans executed by the buyer. They have a vision to further enhance the renovations and complete the interior upgrades.” Brad Cooke, senior vice president at Colliers, also worked to close the deal.

Bascom acquired Estates on Maryland, a 330-unit asset at 1802 West Maryland Ave., for $27.9 million in August 2012. It traded to BHE Acquisitions for $41.2 million.

Madera Point, a 256-unit community located at 445 South Dobson Rd., was picked up by Bascom for $14.4 million in September 2012. BHE Acquisitions acquired the asset for $22.5 million.

Pointe at Foothills, a 528-unit asset situated at 4424 East Baseline Rd., was added to Bascom’s portfolio for $35.6 million in September 2012, and sold this month for $52.3 million.

Yardi Matrix records also show that the sale was funded by a $71.8 million loan held by Freddie Mac.