Bascom Arizona Ventures Buys 423-Unit Multifamily Complex Near Phoenix for $89.2M
PHOENIX — Bascom Arizona Ventures, a subsidiary of Irvine, Calif.-based The Bascom Group, has acquired Tempo at McClintock Station Apartments, a Class A, mid-rise multifamily property in Tempe. P7 McClintock Station Owner LLC sold the asset for $89.2 million, or $210,377 per unit.
Constructed in 2017, the gated community features 423 apartments in a mix of one-, two- and three-bedroom layouts. On-site amenities include a barbecue/picnic area, cyber/tech lounge, two resort-style pools with surrounding cabana areas, volleyball court, rentable storage closets, self-service bike repair, private garages, package concierge service, dog park with a self-service dog grooming area, community clubhouse and a 24/7 fitness center with separate yoga and spin studios.
The buyer plans to invest in capital improvements, including upgraded finishes to the leasing office, clubhouse, pool and other common areas, as well as unit interiors.
Oaktree Real Estate Finance II provided debt financing, which Brian Eisendrath, Brandon Smith and Annie Rice of CBRE arranged for the acquisition.
Stephen Peters of Melody West advised the buyer and seller in the transaction. Arizona-based MEB Management Services will manage the property.