PHOENIX—The $250 million venture by The Bascom Group,LLC and funds managed by Oaktree CapitalManagement, L.P. has acquired Indigo Creek Apartments, a408-unit luxury community located in Glendale for $40.5 million.Bascom Arizona Ventures, LLC, an affiliate of TheBascom Group, LLC, acquired the asset with $35 million in debtfinancing from Los Angeles-based portfolio lender Mesa WestCapital.

Brian Eisendrath, BrandonSmith, and Annie Rice ofCBRE arranged the financing for the purchase.Steve Gebing and Cliff David fromMarcus & Millichap represented the buyer andseller on this transaction. The onsite property managementwill be overseen by Arizona based Morrison, Ekre & BartManagement Services.

“This marks the fifth multifamily acquisition recently closed byour Venture,” according to Mark Jacobs, managingdirector with Oaktree Capital Management, L.P. “Oaktree has beenvery active in the Phoenix market on the office side and areexcited to add a high quality apartment project to our portfolio.”