TEMPE, ARIZ. — Bascom Arizona Ventures, a subsidiary of Irvine, Calif.-based The Bascom Group, has purchased Dolce Villaggio Townhomes, a multifamily property in downtown Tempe. An undisclosed seller sold the property for $11.5 million, or $310,811 per unit.
Dolce Villaggio features 37 apartments in a mix of two- and three-bedroom floor plans, all with attached two-car garages. Constructed in 2007, the property also features a swimming pool and spa.
Bascom Arizona Ventures plans to invest in capital improvements to the property, including upgrades to the pool and unit interiors. Arizona-based MEB Management Services will operate the property.
Comerica Bank provided debt financing for the acquisition, which Erich Pryor of Talonvest Capital arranged. Chris Roach, Matt Roach and Brad Cooke of Colliers International advised the buyer and seller in the transaction.