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TUCSON-Continuing its strong investment activities, Bascom Arizona Ventures LLC of Scottsdale, in a joint venture with Citigroup Property Investors, closed on five class B and C apartments totaling 1,348 units recently. The $49.5 million transaction comes on the heels of Bascom’s 1,566-unit Shomac Properties portfolio acquisition earlier this month.

Bascom plans an additional $12.85 million in upgrades to its latest assets, which range in age from 19 to 31 years. Fix-ups to the 96% occupied portfolio will include exterior paint, roofs and asphalt and interior upgrades. Tucson-based Morrison, Ekre & Bart Management Services Inc. will manage the properties.

Jerry Finney, manager with Bascom Arizona Ventures LLC, tells GlobeSt.com that the company will acquire one more property before the end of the year; the 410-unit Fountain Village, which is scheduled for close in December 2006. During 2007, “we’ll just keep looking in Tucson. We’ve been successfully locally, and as things come up there, we’ll consider them on a case-by-case basis,” Finney says.

As with the Shomac portfolio acquisition, Gary Mozer and Lee Norman of Los Angeles-based George Smith Partners Inc. secured the debt and equity financing for the acquisition through Fairfield, CT-based GE Capital.

Art Wadlund with Hendricks & Partners’ Tucson office brokered the deal for the 306-unit Montierra Village Apartments at 5353 East 22nd St.; the 314-unit Meridian East Apartments at 8110 Speedway Blvd. and the 360-unit Casa Alegre Apartments at 1252 South Craycroft Rd. Randy Jones with local company Oxford Realty Advisors joined in, providing representation for the 275-unit La Hacienda Apartments at 6161 East Pima Rd. and the 93-unit Ria Nova Apartments at 6850 East Golf Links Rd.

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