Bascom Arizona Ventures Sells Two Multifamily Properties in Tucson to Bridge Investment Group for $90.2M
TUCSON, ARIZ. — Bascom Arizona Ventures has completed the disposition of two apartment communities in Tucson for a total of $90.2 million. Equestrian, a 288-unit complex, sold for $47.7 million, or $165,625 per unit. Ridgeline, a 272-unit property, traded for $42.5 million, or $156,250 per unit.
Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
Both properties are located on West Linda Vista Boulevard in Northwest Tucson.
Completed in 2008 on 13 acres, Equestrian features 18 residential buildings, a swimming pool, gas and charcoal grilling stations, assigned covered parking and detached garages. Apartments feature nine-foot ceilings and offer an average unit size of 900 square feet.
Built in 2002 and 2008 on 13 acres, Ridgeline features 17 residential buildings, two resort-style swimming pools and apartments averaging 821 square feet per unit.