TUCSON, AZ – Bascom Group has acquired Sierra Charles Apartments in the greater Tucson area. Bascom bought Sierra Charles, a 196 unit garden-style community built in 1985, for $ 11,600,000, or $ 59,164 per unit. Funding for the acquisition was provided by MF1 Capital and arranged by Brian Eisendrath and Cameron Chalfant at CBRE Capital Markets. The property management is taken over by MEB Management Services and the construction management by CAPgro Construction Management.
Jim Singleton, Senior Vice President and Principal of Acquisitions at Bascom said, "Sierra Charles is a well-located, well-maintained property in a quiet neighborhood with access to entertainment, shopping, restaurants and major employment opportunities, coupled with affordable financing and value creation opportunities made the acquisition particularly desirable for Bascom and our investors. We look forward to leveraging Bascom's operational strengths while building our portfolio in a rapidly growing southwest market. "
Paul Diamond, Senior Principal of Operations at Bascom, added: "While Sierra Charles has been well looked after by the current property, the property is extremely well positioned for new owners to foster appreciation through institutional management and the conduct of strategic renovations Moderate improvements made, but the property hasn't had a major renovation plan in over twenty years. Bascom will be renovating the interiors of the units with new countertops and appliances, wooden plank floors, new baseboards, wardrobe improvements, new fixtures and lighting, and a new two-tone color scheme In addition, Bascom will improve the equipment by expanding the pool deck, expanding the dog park and redesigning the leasing office. "
Bascom and its subsidiaries have acquired and operated 51 shared apartments totaling 16,263 units in the Arizona market. Last year Bascom completed multi-family transactions valued at over $ 436.8 million.
Source: Bascom Group