An affiliate of Irvine, Calif.-based Bascom Group L.L.C. has completed the $35.2 million acquisition of The Fairways, a 352-unit Class A apartment community located in Downtown Chandler.
Cliff David and Steve Gebing of Marcus & Millichap Real Estate Investment Services Inc. represented the seller; Bascom Group was self-represented. Gary Mozer and Katie Rodd of George Smith Partners, along with Brian Eisendrath and Brandon Smith from CBRE Inc., arranged the equity and financing for the purchase. MEB Management Services will serve as the onsite property manager, according to RENTV.com.
Located on a 20-acre site, the asset comprises one-, two- and three-bedroom units averaging 965 square feet in size and featuring electric kitchens, nine-foot-high ceilings, full-sized washers and dryers, walk-in closets and private patios or balconies. Select units offer wood-burning fireplaces, vaulted ceilings, separate storage spaces, tuck-under carports, direct-access garages and lightly upgraded interior finishes.
In other suburban Phoenix multi-family news, thePhoenix Business Journal reports that San Diego-based OliverMcMillan plans to break ground later this year on a $50 million luxury apartment community along Tempe Town Lake.
Dubbed The Lofts at Hayden Ferry, the development will be located east of Mill Avenue on Rio Salado Parkway at Tempe Town Lake. Plans call for a four-story, 264-unit property offering a variety of floor plans plus two levels of underground parking.
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