SCOTTSDALE, AZ – A joint venture of Bascom Arizona Ventures and Pacific Life Insurance Company has bought two luxury apartment communities totaling 724 units for $148,000,000 or $204,420 per unit.  Located in the highly desirable Kierland master-plotted community of North Scottsdale, the properties are within walking distance to the Scottsdale Quarter, Kierland Commons, and the Westin Kierland Resort, Spa, & Golf. 

Quadrant Real Estate Advisors LLC provided debt financing, which was arranged by Brian Eisendrath, Brandon Smith, and Annie Rice of CBRE. James Reed of Lincoln Group of Companies advised the buyer and seller in the transactions. The onsite property management will be overseen by Arizona based Alliance Residential.

The buys come on the heels of the recent 812-unit portfolio acquisition located in Southern Arizona.   Bascom Arizona Ventures recently bought three apartment communities located in Tucson & Sierra Vista, Arizona for $70,225,000. 

Built in 1996 by premier luxury apartment builder Mark Taylor, Legend at Kierland offers residents two resort-style swimming pools and spas, a stand-alone clubhouse, volleyball court, tennis court, 24 hour fully appointed fitness center, controlled access gated entry, and attached garages. 

Tradition at Kierland, built in 1998 by Mark Taylor, offers one resort-style pool and spa, along with the same amenity package as Legend. Residents at both properties benefit from the walkability factor to premiere shopping, dining, and entertainment at nearby Kierland Commons and Scottsdale Quarter, as well as simple access to the Loop 101.    

Mark Brotherton, Portfolio Manager of Bascom affiliate Bascom Arizona Ventures, comments, “The Kierland portfolio provides us with an exceptional opportunity to buy two Class A properties in an absolutely perfect location. We are very excited about our newest acquisitions and look forward to commencing our value-add program as soon as possible.”

Bill Wright, Asset Manager of Bascom affiliate Bascom Arizona Ventures, adds, “Bascom will recapitalize the properties with extensive exterior and interior renovations which will equip both Legend and Tradition with one of the best amenity packages in the area. We look forward to making value for our new residents.” 

Ryan Harvey, Acquisition Director for Pacific Life, comments, “Pacific Life is excited to build upon our long-standing relationship with Bascom to reposition the Kierland portfolio into premier, resort-style communities for North Scottsdale.”

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SEATTLE, WA – Security Properties announced the buy of Trax, a 178-unit property built in 2012 and located in DuPont, WA for $32,250,000.

The property was originally developed in 2012 and consists of 178 residential units and 10,835 sf of ground floor retail space. The 178 units are spread between two garden-style buildings, a two-tale townhome building, and two podium-style buildings, on 4.37 total acres. The property is located in the DuPont, WA proximate to the South Sound’s I-5 corridor.

The City of Dupont offers a fantastic lifestyle for families as it has one of the lowest crime rates in the state, along with simple access to numerous parks and lakes. The area’s largest employer is the nearby Joint Base Lewis McChord, the largest military base on the west coast. Additional employment drivers in DuPont include Amazon’s Fulfillment Center and a State Farm operations campus. Additionally, downtown Tacoma and downtown Olympia are within 20 minutes.

According to Tad Johnson, Investment Manager at Security Properties, the acquisition was made because, “the market fundamentals in DuPont are strong and this asset is best in class. DuPont offers an attractive quality of life and is proximate to major durable employment drivers – notably JBLM. We expect this acquisition will make value for our investors with new management and thoughtful capital execution.”

The property will be managed by Security Properties Residential.

Since its founding, Security Properties has bought or developed over 83,000 residential units at a cost of over $5.7 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists.

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BETHESDA, MD – Walker & Dunlop announced that its subsidiary, Walker & Dunlop Investment Sales, has closed a $135,000,000 sale for The Manor CityPlace Apartments, a 398-unit, upscale multifamily property in Doral, Florida, one of South Florida’s most sought-after submarkets.

Roberto Pesant and Chris Conklin led the WDIS team, which acted as advisor to the seller, The Related Group. The asset was bought by TA Realty, a private real estate investment firm.

Mr. Pesant commented, “The transaction represents a unique opportunity to buy a stabilized, trophy property in a high-growth market.” Home to large employers such as the Federal Reserve, Carnival Cruise Lines, Miami Herald, Telemundo, PepsiCo, BE Aerospace, and Amazon, Doral has been the fastest growing city in Florida over the past decade and was the eleventh fastest growing city in the country.

The property sits on 5.7 acres and is uniquely positioned within walking distance of the new CityPlace Doral, a 55-acre destination retail center. The new attraction opened in March 2017, and features over 40 entertainment, dining, and shopping options to include a Fresh Market, Improv Comedy Club, BurgerFi, and more.

Built in 2014, the six-tale multifamily complex includes 398 units with a mixture of studios, one-, two-, and three-bedroom floor plans. Inspired by international luxury resort design, each unit includes premium fixtures, finishes, and private balconies and patios.

The property’s resort-style community amenities include an array of outdoor features such as a waterfall jacuzzi, pool with personal cabanas and daybeds, outdoor summer kitchen with fireplace and barbecue area. The interior amenities include a game room, private movie theater, dedicated yoga studio, virtual spinning room, state-of-the-art fitness studio, and cyber lounge with coffee bar.

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