Bascom Group Continues Arizona Acquisition Spree with 196-Unit Apartment Community in Tucson Metro for $11 6 Million multifamilybiz.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from multifamilybiz.com Daily Mail and Mail on Sunday newspapers.
Share this article
Share this article
IRVINE, Calif., April 16, 2021 /PRNewswire/ The Bascom Group, LLC ( Bascom ) has acquired Sierra Charles Apartments ( Sierra Charles ) in the Tucson metro area. Bascom purchased Sierra Charles, a 196-unit garden-style community built in 1985, for $11,600,000, or $59,164 per unit. Financing for the acquisition was provided by MF1 Capital and was arranged by Brian Eisendrath and Cameron Chalfant at CBRE Capital Markets. Property management will be provided by MEB Management Services and construction management will be provided by CAPgro Construction Management.
Sierra Charles Apartments
Bascom s Senior Vice President and Principal of Acquisitions, Jim Singleton, stated Sierra Charles is a well located, well-maintained asset in a quiet neighborhood with access to entertainment, shopping, dining, and major employment centers. The attractive going in yield at the property coupled with favorable financing and value-add opportunity made th