Bridge Pays $90M for Tucson Communities
Bridge Investment Group has acquired a two-property multifamily portfolio totaling 560 units in Tucson, Ariz., for $90.2 million. Bascom Arizona Ventures sold the 288-unit Equestrian for $47.7 million, or $165,625 per unit, and the 272-unit Ridgeline for $42.5 million, or $156,250 per unit.
Both 13-acre properties are located on West Linda Vista Boulevard in Northwest Tucson close to Thornydale Retail Center, Thornydale Village, Tucson Premium Outlets and Pima Community College.
Completed in 2008, Equestrian has 18 residential buildings, a swimming pool, grilling stations, assigned covered parking and detached garages. Unit sizes average 900 square feet and have nine-foot ceilings. Ridgeline has 17 residential buildings, which were completed in 2002 and 2008, and two swimming pools. The average apartment size is 821 square feet.
Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, a subsidiary of Irvine, Calif.-based The Bascom Group, and procured Bridge Investment Group, a Salt Lake City-based real estate private equity firm, as the buyer. Hamid Panahi, IPA first vice president, along with Steve Gebing and Cliff David, IPA executive managing directors, handled the transaction for IPA.