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TUCSON-The Arizona Daily Star recently reported that five multifamily complexes owned by the Bascom Group are in foreclosure. The assets in question were acquired in late 2006 for $50 million as part of the California group’s aggressive investment in the area.

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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