JV Invests $148M in 2 Luxury AZ Assets
- Nov 02, 2017
Bascom Arizona Ventures, in a partnership with Pacific Life Insurance Co., have purchased two luxury apartment communities from TIAA, located in the Kierland master-planned community of North Scottsdale, for $148 million.
“The Kierland portfolio provides us with an exceptional opportunity to acquire two Class A properties in an absolutely perfect location,” said Mark Brotherton, portfolio manager of Bascom Arizona Ventures. “We are very excited about our newest acquisitions and look forward to commencing our value-add program as soon as possible.”
Designed by Mark Taylor, the 1996-built Legend at Kierland and 1998-built Tradition at Kierland feature a total of 724 units. Located at 6735 and 6633 East Greenway Parkway, respectively, both offer one-, two- and three-bedroom floorplans ranging from 800 to 1,600 square feet, across 40 and 44 two- and three-story buildings. Property amenities include:
- resort-style swimming pools
- volleyball court
- tennis court
- 24-hour fitness center
- controlled access gated entry
- attached garages
Both communities offer walkable access to premiere shopping, dining and entertainment at nearby Kierland Commons and Scottsdale Quarter, as well as access to the Loop 101.
“Bascom will recapitalize the properties with extensive exterior and interior renovations which will equip both Legend and Tradition with one of the best amenity packages in the area,” said Bill Wright, asset manager of Bascom Arizona Ventures. “We look forward to creating value for our new residents.”
Quadrant Real Estate Advisors provided debt financing, arranged by CBRE’s Brian Eisendrath, Brandon Smith and Annie Rice. Lincoln Group of Cos.’ James Reed advised the buyer and seller in the transactions. Property Management of both communities will be overseen by Alliance Residential. Pacific Life Insurance Co. also recently acquired Andante Apartments in Phoenix for $82.3 million.
Images courtesy of Bascom Arizona Ventures