SCOTTSDALE, AZ-Remaining true to its word to continue its investments in Arizona, Bascom Arizona Ventures LLC, on behalf of a fully discretionary fund, acquired the 194-unit Alpine Ridge Apartments in Flagstaff, AZ for $13.5 million. Though a seller wasn’t indicated in the announced sale, records from Coconino County indicate that Alpine Ridge Apartments LLC owned the property for several years.
The purchase of the multifamily asset at 901 S. O’Leary St. comes on the heels of recent acquisitions including the 330-unit Estates at Maryland and 528-unit Brookstone at the Foothills in Phoenix; the 301-unit Coldwater Springs in Avondale, AZ; and the 256-unit Madera Point in Mesa, AZ. Basom Arizona Ventures asset manager Mark Brotherton notes in a press release that the company has additional acquisitions in escrow that are scheduled to close within the next month.
Alpine Ridge was built in 1992 and is a class B-plus property situated on 6.71 acres, with an average unit size of 814 square feet. The property has an excellent location within two blocks of Northern Arizona University (NAU) and is the closest privately owned apartment community to NAU. Bascom’s plan is to upgrade unit interiors and common areas. Robert L. Chester represented the seller in the transaction. Onsite property management will be overseen by Arizona based Morrison, Ekre & Bart Management Services (MEB).