PRESCOTT, Ariz., Oct. 6, 2016 /PRNewswire/ -- Bascom Arizona Ventures has acquired the Prescott Lakes Senior Community, a 123-unit luxury independent living senior apartment community for $18,000,000 or $146,341 per unit. The property is located in Prescott, Arizona in the highly desirable Prescott Lakes master planned community. Bascom Arizona Ventures worked with Brian Halpern and Alex Kane of Jones Lang LaSalle Americas, Inc. to arrange the debt financing for the purchase. John Cunningham from JLL represented the seller on this transaction.
Built in 2003, the property consists of a clubhouse/leasing office, with a swimming pool, and cascading waterscape. Other amenities include a state-of-the-art fitness center, a garden, relaxing library, game room featuring billiards and cards, barbecue plazas, and complimentary scheduled transportation. Prescott Lakes offers its tenants the comfort of private and pristine living in the mile-high city of Prescott, but all the services and conveniences of city life just minutes away.
Mark Brotherton, Portfolio Manager for Bascom Arizona Ventures, comments, "Prescott Lakes provided Bascom Arizona Ventures with a unique acquisition of a Class A apartment community in a market that has very high occupancy and limited new construction. We are excited about our newest acquisition and look forward to commencing our value add program as soon as possible for our residents."
Bill Wright, Asset Manager for Bascom Arizona Ventures, adds, "Bascom will recapitalize the property with exterior and interior renovations which will equip Prescott Lakes with the finest 55+ community amenity package in Prescott. The pool featuring a new in-pool lounge area, new entrances and remodeled clubhouse will be something not seen before in this community. The property will be state-of-the-art and we look forward to creating value for our new residents."
About Bascom: Bascom Arizona Ventures is an affiliate of The Bascom Group, LLC, a private equity firm specializing in value-added multifamily, commercial, non-performing loans, and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, increasing revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Bascom has completed over $12 billion in multifamily and commercial value-added transactions since 1996 including more than 297 multifamily properties containing over 79,000 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom's subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partner Ventures, and the Realm Group. Bascom's subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the U.S. For additional information, please visit www.bascomgroup.com.
For more information, please contact Mark Brotherton or Bill Wright at Email or 480.315.1200.
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SOURCE The Bascom Group