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PHOENIX-Five years after departing the Phoenix market with its 5,178-unit sale to Bethany Group LLC, Bascom Arizona Ventures, the local arm of Bascom Group LLC, has returned to buy once again. During the past month, the company acquired its third and fourth multifamily properties in the region, paying  a total of $40 million for the 528-unit Brookstone at the Foothills and the 256-unit Madera Point Apartments, located in Mesa, AZ.

Also in Bascom Arizona Ventures’ portfolio are the 330-unit Estates of Maryland in Phoenix and the 301-unit Coldwater Springs, in Avondale, AZ. According to Bascom Arizona Ventures asset manager Mark Brotherton, the company plans to close on at least one more area multifamily property before the end of the year.

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