The assets under the gun are the 314-unit Pavilions at Pantano--formerly the Meridian East Apartments--at 8110 E. Speedway; the 306-unit Sienna Ridge Apartments--formerly Montierra Village Apartments--at 5353 E. 22nd St.; the 275-unit La Hacienda Apartments at 6161 E. Pima St.; the 98-unit Verrano Park Apartments--formerly the Ria Nova Apartments--at 6850 E. Golf Links Rd. and the 360-unit Summit Ridge Apartments--formerly the Casa Algre Apartments--at 1252 S. Craycroft Rd. Bascom paid $50 million for the assets, an acquisition financed by General Electric Capital Corp.
Sources interviewed in the Arizona Daily Star article said Bascom's being over-leveraged on the deals, combined with a huge jump in the vacancy rates between 2006 and 2009 likely did Bascom in.
To read more about the pending foreclosure click here.
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