The class B complex at 14230 N. 19th Ave. was sold by locally based Desert Shadow Apartments Inc., which was represented by Steve Goldstein of Amercon Realty Services Inc. of Scottsdale. "It was on the market for awhile," Jerry Finney, manager of Bascom Arizona, tells GlobeSt.com. "We waited about two months before making an offer." The complex was 86% leased at closing, having experienced a significant decline in NOI since 1999, he adds.

Situated on 26.5 acres, Desert Shadows Village Apartments is a 62-building complex with 224 one-bedroom units, 196 two-bedroom apartments and 38 three-bedroom designs. The average unit is 829 sf; the average rental rate is $610 per month.

The 25-year-old Desert Shadows Village Apartments features a large clubhouse, two swimming pools, two Jacuzzis, two tennis courts, playground, fitness center, sand volleyball courts, sports courts, picnic areas with barbeque grills and laundry facilities. Commercial Services Building Inc. has picked up the $4-million renovation contract. Exteriors will be painted and a parking lot added. Interior changes will be made to the clubhouse and fitness center plus washers and dryers will be installed in all units, Finney says.

David L. Babson & Co./Mass Mutual Life Insurance Co. provided acquisition financing. Los Angeles-based Gary Mozer and Lee Norman with George Smith Partners secured the financing. Tucson-based Morrison, Ekre & Bart Management Services Inc. got the third-party contract to oversee the asset.

Bascom Arizona Ventures is a recently formed joint venture with Irvine, CA-based Bascom Group and Multifamily Advisors LLC of Scottsdale. The group now owns 2,220 units in Arizona and expects to on 400 more apartments in the near future, Finney says.

Instant Insights /

Bascom Arizona JV Pockets Deed to 548-Unit Complex for $23M

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