Bascom Arizona Ventures Invests in Avondale, Closes on 301-Unit Class-A Community for $27.2M
SCOTTSDALE, Ariz., Sept. 5, 2012 /PRNewswire/ — Bascom Arizona Ventures has newly acquired Coldwater Springs Apartments, a 301-unit community located in Avondale, Arizona for $27.2M or $90,365 per unit. Bascom Arizona Ventures worked with Brandon Smith and Brian Eisendrath of CBRE to arrange the financing for the purchase. The debt financing was provided by Ares Management. Jim Crews represented the buyer and seller in the transaction. The onsite property management will be overseen by Arizona based Morrison, Ekre & Bart Management Services (MEB). The purchase comes on the heels of the recent acquisition of Estates at Maryland, a 330-unit “Class A” community located in Phoenix.