PRESCOTT, AZ – Bascom Arizona Ventures has bought the Prescott Lakes Senior Community, a 123-unit luxury independent living senior apartment community for $18,000,000 or $146,341 per unit. The property is located in Prescott, Arizona in the highly desirable Prescott Lakes master plotted community.

Bascom Arizona Ventures worked with Brian Halpern and Alex Kane of Jones Lang LaSalle Americas, Inc. to arrange the debt financing for the buy.  John Cunningham from JLL represented the seller on this transaction.

Built in 2003, the property consists of a clubhouse/leasing office, with a swimming pool, and cascading waterscape. Other amenities include a state-of-the-art fitness center, a garden, relaxing library, game room featuring billiards and cards, barbecue plazas, and complimentary scheduled transportation. Prescott Lakes offers its tenants the comfort of private and pristine living in the mile-high city of Prescott, but all the services and conveniences of city life just minutes away.  

Mark Brotherton, Portfolio Manager for Bascom Arizona Ventures, comments, “Prescott Lakes provided Bascom Arizona Ventures with a unique acquisition of a Class A apartment community in a market that has very high occupancy and limited new construction.  We are excited about our newest acquisition and look forward to commencing our value add program as soon as possible for our residents.”

Bill Wright, Asset Manager for Bascom Arizona Ventures, adds, “Bascom will recapitalize the property with exterior and interior renovations which will equip Prescott Lakes with the finest 55+ community amenity package in Prescott. The pool featuring a new in-pool lounge area, new entrances and remodeled clubhouse will be something not seen before in this community. The property will be state-of-the-art and we look forward to making value for our new residents.”

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HOUSTON, TX – Clearworth Capital announced its recent acquisition of Ponderosa Apartments, a 177-unit class C multifamily asset in Houston, TX. Covering 6.9 acres, Ponderosa is comprised of 17 two-tale buildings, a pool area, and a recently remodeled clubhouse. This garden-style community offers one, two, and three-bedroom floor plans, with an average unit size of 854 sf.

The property is located in the well-established 1960/Champions neighborhood in north Houston. The location provides convenient access to major highways including I-45, Beltway 8, and the Grand Parkway. Residents delight in small commutes to the George Bush International Airport, The Woodlands, and numerous employment and retail centers along FM 1960.

New ownership will implement an extensive renovation plot to include an exterior facelift and modernization of all unit interiors. The exterior enhancements include new paint, façade repairs, landscaping redesign, and numerous amenity upgrades. Interior upgrades will consist of new flooring, carpet, countertops, cabinets, fixtures, and updated appliances.

“Our partners are excited to buy this property at an attractive basis. Ponderosa presents an brilliant opportunity to reposition a quality asset in a vibrant submarket. The property is experiencing stable occupancy and is well-positioned for rent growth. Our business plot is focused on increasing performance of the asset by improving the physical plant through our strategic renovation plot and employing our exceptional management team,” said Jim Marfuggi, a partner in Clearworth Capital and CEO of NOIPM.

NOIPM, an affiliate of Clearworth, will be the new management company. 

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