Dealmaker: Bascom Group Acquires Arizona Apartments for $11.6M

The Bascom Group LLC, Irvine, Calif., acquired Sierra Charles Apartments in metro Tucson, Ariz. for $11.6 million, or $59,164 per unit.

The 196-unit garden-style community dates to 1985.

CBRE Capital Markets Vice Chairman and Managing Director Brian Eisendrath and Vice President Cameron Chalfant arranged the financing through mortgage real estate investment trust MF1 Capital LLC.

Bascom Senior Vice President and Principal of Acquisitions Jim Singleton called Sierra Charles a well-located, well-maintained asset with access to shopping, dining and major employment centers. “The attractive going-in yield at the property coupled with favorable financing and value-add opportunity made the acquisition desirable,” he said.

Bascom Senior Principal of Operations Paul Diamond said the seller performed moderate improvements, “but the property has not been addressed with a comprehensive renovation plan in over twenty years,” he noted. “Bascom will renovate unit interiors with new countertops and appliances, wood plank flooring, new baseboards, cabinetry improvements, new fixtures and lighting and a new two-tone paint scheme.”

Bascom and its affiliates operate 51 apartment communities totaling 16,263 units in the Arizona market. The firm has completed more than $436 million in multifamily transactions over the past year.