Bascom Arizona Ventures Invests in Avondale

Ascom Arizona Ventures has anew acquired Coldwater Springs Apartments, a 301-unit association amid in Avondale, Arizona for $27.2M or $90,365 per unit. Bascom Arizona Ventures formed with Brandon Smith and Brian Eisendrath of CBRE to align the costs for the purchase. The debt costs was provided by Ares Management. Jim Crews represented the client and agent in the transaction. The onsite acreage administration will be overseen by Arizona based Morrison, Ekre & Bart Administration Services (MEB). The acquirement comes on the heels of the contempo accretion of Estates at Maryland, a 330-unit "Class A" association amid in Phoenix.

Coldwater Springs was congenital in 2007, is a comfortable "Class A" acreage anchored on a all-inclusive 16.5 acreage with an boilerplate assemblage admeasurement of 956 SF. Each assemblage includes 9-ft alveolate ceilings, abounding appliances, bowl asphalt floors, clandestine balconies and patios, abounding admeasurement washer/dryers, applicant closets, and roman tubs with asphalt surround.

Community appearance include: 2 resort appearance pond pools with clandestine cabanas, billiards and bold room, abounding clubhouse, 24-hour exercise centermost and a accompaniment of the art business centermost and cine theater. Coldwater Springs aswell boasts activity able appearance such as energy-star appliances, bifold breadth low-E windows, 13 diviner heating and cooling efficiencies, and activity able lighting. The acreage is amid in the affection of the Phoenix busline area, with abutting around to the METRO ablaze rail, Downtown Phoenix, the arresting West Gate City Center, and Interstate I-10.

Mark Brotherton, Asset Manager for Bascom Arizona Ventures, comments, "After our acknowledged 12-property portfolio auction in 2007, we feel now is the best time to buy aback into the Arizona region. This will be our added acquirement in the accomplished month, and we are searching to aggrandize even added with added acquisitions slated to abutting in the next month." Bascom Arizona ahead acquired 5,174 units in the Phoenix city breadth amid 2004 and 2006. Brotherton continues, "We are searching to access assets that ambit from "A's" to "C's", finer with "in-fill" area and with a value-added component."

Bill Wright, Asset Manager authoritative renovations for Bascom Arizona Ventures, adds, "We intend to advancement assemblage interiors and bandbox up the accepted areas at both backdrop in adjustment to attempt with newer 'Class A' properties, and to aerate net able rents during the accepted bazaar recovery. We were actual acknowledged with our business plan during the endure cycle."

A clandestine disinterestedness close specializing in value-added multifamily, commercial, and non-performing loans and absolute acreage accompanying investments and operating companies. Bascom sources value-added and afflicted backdrop including abounding through foreclosure, bankruptcy, or abbreviate sales and repositions them by abacus all-encompassing basic improvements, convalescent revenue, and abbreviation costs through accomplishing of institutional-quality acreage management. Bascom has completed over $6.5 billion in multi-family and bartering value-added affairs back 1996 including added than 200 multifamily backdrop and 55,000 units. Bascom currently ranks a part of the top 50 multifamily owners in the US. Bascom's subsidiaries and collective ventures cover the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Investors, Bascom Northwest Ventures, Bascom Arizona Ventures, and the Realm Group. Bascom's subsidiaries aswell cover Premier Business Centers, the better abreast captivated controlling apartment aggregation in the US.