November 17, 2024 8:45 am
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Bascom bolsters multi-family holdings with 432 units in Phoenix…pays $40.725 million

brewPhoenix – A company formed by Bascom Arizona Ventures LLC paid $40.725 million ($94,271 per unit) to acquire the 432-unit Arcadia Cove apartments at the southwest corner of 44th and Oak streets in Phoenix. The seller was 2252 North 44th Street LLC, a company formed by BRE Properties Inc. in San Francisco, Calif. (NYSE:BRE, Constance Moore, CEO). The sale was negotiated by Steve Gebing and Cliff David of Marcus & Millichap Real Estate Investment Services in Phoenix. Records show the buyer (BAZV Arcadia Cove LLC) acquired Arcadia Cove with a $35 million loan from HSBC Bank USA. Bascom Arizona Ventures LLC was formed by The Bascom Group in Irvine, Calif. (Derek Chen, Jerome Fink, David Kim, principals). Glenn Daiutolo, who operates from Scottsdale, completes the partnership of principals who together form Bascom Arizona Ventures LLC. Continue reading:

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