PHOENIX-Bascom Arizona Ventures LLC, in partnership with Stamford, CT-based GE Capital Corp., has acquired the 286-unit Northern Landing Apartment for $13.7 million from Branch Realty LLC of New York City.

Bascom plans to invest an additional $2.78 million to convert the class B-minus property, at 8135 North 35th Ave., into condominiums. "This is the last thing we've closed in 2005, though we're still acquiring," says Steve Hovland, director of asset management for Bascom Arizona Ventures LLC. Bascom's ultimate plan is to invest $400 million in Greater Phoenix multifamily assets. To date, the company has purchased more than $270 million of local assets. "We still have a ways to go," Hovland says. He tells GlobeSt.com the company is working to close on three additional properties during the first part of 2006.

"We're still relatively new in the Phoenix market," Hovland says. "Our first acquisition was a year and a half ago and we sold that property after a year." But, that was the only one that's been sold. "This is our typical operation," he continues. "We try to buy properties that are well located and with a potential for value-added opportunities, then we make improvements or conversions to them."

The 23-year-old Northern Landing, situated on 10 acres, was 96% occupied at sale time. The unit mix contains 174 one-bedroom units, measuring 625 sf at a monthly rent of $540; and 112 two-bedroom apartments, each 875 sf and renting for $625 per month.Steve Goldstein of Amercon Realty Services Inc. in Scottsdale and Randy Zonge represented Bascom Arizona Ventures. Marcus & Millichap's Phoenix office represented the seller.