Sale price garners $149,000 per unit at multifamily property consisting of 31 buildings
PHOENIX, AZ – Bascom Arizona Ventures (Bascom Group) completed the $56.7 million sale of the Little Cottonwoods apartment complex, commanding $149,000 per unit.
Little Cottonwoods, built in various phases between 1985 and 1991, is located at 1820 E. Bell De Mar Drive in Tempe and comprises 379 units. Bascom Arizona Ventures purchased the complex in February 2013 for $42.7 million ($112,800 per unit).
Bascom invested $3.8 million in renovations at Little Cottonwoods. Pool upgrades include colored LED lighting, new furniture and a new poolside fire pit. Clubhouse upgrades include contemporary furniture, new fixtures, and new flooring. State-of-the-art equipment was installed in the fitness center.
Interior upgrades were made to half of the units. This included new kitchens, new flooring, two-toned paint, contemporary lighting and plumbing fixtures and finishes, and new hardware. The apartments have washer/dryers and the 2- and 3-bedroom apartments include garages.
MEB Management Services has served as Bascom Arizona’s management company for more than 10 years. Little Cottonwoods is one of the multi-family projects for which MEB has provided property management.
“MEB is so proud to be a part of creating value for our partners, clients and investors of Little Cottonwoods,” said Mark Schilling, Executive Vice President and Principal of MEB Management Services. “We are truly grateful to our team members that worked diligently every day to create an incredible community environment for the residents at Little Cottonwoods.”
The buyers were TruAmerica Multifamily and Investcorp.