Bascom Arizona Ventures acquires Phoenix Class A multifamily property

Category: News
Published: 2019-03-04

ARIZONA – Bascom Arizona Ventures, LLC a subsidiary of Irvine, California-based private equity firm The Bascom Group, LLC has acquired the Tempo at McClintock Station Apartments (“Tempo”). Tempo is a mid-rise multifamily property consisting of 423 residential units and one retail unit in Tempe, Arizona. The price was US$$89.2 million, or US$$210,377 per unit. The seller was P7 McClintock Station Owner, LLC.

Tempo at McClintock Station is a Class A multifamily property situated in the booming North Tempe submarket. Residents of Tempo have “doorstep” access to the Valley Metro Rail, which provides access to Downtown Tempe, the campus of Arizona State University, Sky Harbor International Airport, and Downtown Phoenix.

Tempo is a highly amenitized, institutional quality Class A property and was constructed in 2017 by luxury apartment builder Fore Property Company. The property offers residents a wide selection of unique 1, 2 and 3-bedroom apartment homes that feature exclusive community and state of the art amenities.

The new ownership plans to invest in capital improvements, including upgraded finishes to the leasing office, clubhouse, pool and other common areas, as well as unit interiors.

Source: PR News Wire