Bascom Arizona Ventures, LLC (BAZV), an affiliate of Irvine, California-based The Bascom Group, has acquired Retreat at Speedway, a 304-unit multifamily property in Tucson, Arizona, for $53.4 million, or $175,658 per unit. The property was acquired through Bascom Value Added Apartment Investors VI, LLC (Fund VI), marking the firm’s first multifamily acquisition since February 2020.
Constructed in 2001 and situated along Speedway Boulevard against the backdrop of the Catalina Mountains, Retreat at Speedway offers one- and two-bedroom open-concept floorplans. Community amenities include a swimming pool and spa, fitness center, and clubhouse. The two-story, garden-style community is approximately 10 miles east of downtown Tucson, near Udall Park and major retail destinations.
Weidner Apartment Homes was the seller. Institutional Property Advisors (IPA) — through Steve Gebing, Cliff David, Hamid Panahi, and Clint Wadlund — represented both parties in the transaction and arranged acquisition financing from BrightSpire Capital Acquisitions. Bryten Real Estate Partners will serve as the property manager going forward.
Bascom plans to launch a capital improvement program to renovate the clubhouse, pool, spa, fitness areas, and individual residences, repositioning the asset within the Tucson market. Fund VI is focused on acquiring multifamily properties throughout the U.S. that offer value-add repositioning potential, with approximately $83 million of equity currently invested across six properties.
Founded in 2004, Bascom Arizona Ventures has completed over $1.6 billion in multifamily transactions encompassing 53 properties and more than 16,700 units throughout Arizona, including over 5,000 units in Tucson.