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TUCSON, ARIZ. — Bascom Arizona Ventures, an affiliate of Irvine, Calif.-based The Bascom Group, has acquired The Retreat at Speedway in Tucson for $53.4 million via a value-add investment fund. The seller was Wiedner Apartment Homes.
Institutional Property Advisors, a division of Marcus & Millichap, arranged the deal on behalf of Wiedner, as well as a loan from BrightSpire Capital Acquisitions LLC. Arizona-based property manager Bryten Real Estate Partners will manage the property.
Built in 2001, the two-story Retreat at Speedway is comprised of one- and two-bedroom floor plans and amenities such as a pool, hot tub, fitness center and a clubhouse. Bascom is planning to renovate the amenity spaces and units.