Bascom Arizona Ventures LLC (BAZV), a subsidiary of the Irvine, California-based private equity firm The Bascom Group LLC, has acquired Domain 3201, a 289-unit multifamily property in Tucson, Arizona for $45.5 million or $157,439 per unit.
Constructed in two phases in 1985 and 1990, the 12.5-acre garden-style property offers one, two- and three-bedroom floor plans. Community amenities include three swimming pools, two spas, open green spaces, a fitness center, yoga studio, clubhouse, business center, and two pickleball courts.
BrightSpire Capital Acquisitions LLC provided debt financing, which was arranged by Brian Eisendrath, Cameron Chalfant, Ben Margolis, and Jesse Zarouk of Institutional Property Advisors (IPA), for the acquisition. Hamid Panahi, Clint Wadlund, Steve Gebing, and Cliff David, of IPA advised the buyer and seller in the off-market transaction. Arizona-based property manager Bryten Real Estate Partners will manage the property.
“After the recent acquisition of Retreat at Speedway, BAZV felt now was the right time to expand in Tucson,” said Joe Daiutolo, acquisitions manager. “BAZV is tremendously grateful for IPA’s trust in our ability to execute an off-market acquisition. We value relationships, don’t take these opportunities for granted, and are eager to further enhance the day-to-day resident experience through our value-add program.”
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