Bascom Arizona Ventures Buys Tempe Apartment Community for $11.5 Million

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Dolce Villagio Townhomes Near ASU Provide Buyer with Repositioning Opportunity

Phoenix, Arizona – Bascom Arizona Ventures, LLC has purchased the Dolce Villagio rental townhome community at 202 S. Hardy Dr. in Tempe for $11.5 million ($311,000 per unit).  The company plans to modernize and reposition the property, which is close to Arizona State University.

“The Dolce Villagio townhomes are in one of the most dynamic submarkets in the state, within walking distance to ASU and the thriving northern Tempe employment hub,” says Chris Roach, associate vice president with Colliers International in Arizona.  “The property is also nestled in a neighborhood with high barriers to entry based on zoning and density restrictions.  The buyer recognizes the ability to reposition the property with contemporary, luxury finishes to enhance the condo-quality design of the asset.”

Bascom Arizona Ventures purchased the property from Gary Phillips, an Arizona-based private investor.  Chris Roach, Matt Roach, and Brad Cooke of Colliers International in Arizona negotiated the transaction.

Constructed in 2007, Dolce Villagio is comprised of 37 garden-style townhomes that were individually parceled but never sold as condominiums.  The expansive floorplans average 1,423-square-feet and offer direct access to two-car garages.  The two- and three-bedroom units were 85 percent occupied at the time of the sale.  This community is walking distance to the ASU Main Campus, Tempe Town Lake, Phoenix Metro Light Rail, Tempe Street Car, and a recently opened Whole Foods.

This particular submarket has experienced a 7.9 percent year-over-year rent growth and  resides in one of Arizona’s highly sought-after tax-savings designated Opportunity Zones. This designation will promote further economic growth in the area.

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