Thursday 20 February 2020

20 February 2020 - US-based private equity firm Bascom Group subsidiary Bascom Arizona Ventures has acquired Tempe, Arizona's Dolce Villaggio Townhomes, multifamily property, for USD 11.5m, the company said.
The purchase follows Bascom's recent acquisition of Tempo at McClintock Station Apartments located near Arizona State University. Tempo is a mid-rise multifamily property consisting of 423 residential units and one retail unit in Tempe, Arizona. The price was USD 89.2m.
The new ownership group plans to invest in capital improvements to the property, including upgrades to the pool and unit interiors.
Comerica Bank provided debt financing, which was arranged by Erich Pryor of Talonvest Capital Inc., for the acquisition.
Chris Roach, Matt Roach, and Brad Cooke of Colliers International advised the buyer and seller in the transaction. Arizona-based MEB Management Services will manage the property.
Bascom is a private equity firm specialising in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies.
Bascom Arizona Ventures, LLC, (BAZV) a subsidiary of Irvine, California based private equity firm The Bascom Group, LLC, is a joint venture between Multifamily Advisors, LLC and The Bascom Group, LLC.
The company was formed to acquire transitional multifamily assets in the southwestern United States.