Bascom Group Acquires Tucson Apartment Property
- Nov 02, 2016
Tucson, Ariz.—The Bascom Group and funds managed by Oaktree Capital Management LP have acquired Springs at Continental Ranch Apartments, a 196-unit apartment community in Tucson, Ariz. The price wasn’t specified, but the company plans to treat the property as a value-add, doing exterior and interior renovations, and beefing up its amenity package.
“Springs at Continental Ranch provided us with an opportunity to acquire a multifamily property well below replacement cost, with significant upside with our value-add program,” said Mark Brotherton, portfolio manager of Bascom affiliate Bascom Arizona Ventures.
The buyer is no stranger to the market. Springs at Continental Ranch is its 15th acquisition in Arizona since mid-2012, and its second in northwest Tucson in the last 30 days.
Built in 1999, the property consists of 19 two-story buildings with two resort-style swimming pools and a spa. Other common amenities include a 24-hour fitness center, controlled access gated entry, common area Wi-Fi, barbecue grills, theater room and private garages.
ACORE Capital provided debt financing for the deal, which was arranged by Brian Eisendrath, Brandon Smith, and Annie Rice of CBRE. Art Wadlund & Clint Wadlund of Berkadia represented the buyer and seller on the transaction. Going forward, property management will be overseen by Arizona-based Morrison, Ekre & Bart Management Services.