TUCSON, AZ – The Bascom Group has bought Sierra Charles Apartments in the Tucson metro area. Bascom bought Sierra Charles, a 196-unit garden-style community built in 1985, for $11,600,000, or $59,164 per unit. Financing for the acquisition was provided by MF1 Capital and was arranged by Brian Eisendrath and Cameron Chalfant at CBRE Capital Markets. Property management will be provided by MEB Management Services and construction management will be provided by CAPgro Construction Management.
Bascom’s Senior Vice President and Principal of Acquisitions, Jim Singleton, stated “Sierra Charles is a well located, well-maintained asset in a silent neighborhood with access to entertainment, shopping, dining, and major employment centers. The attractive going in yield at the property coupled with favorable financing and value-add opportunity made the acquisition particularly desirable for Bascom and our investors. We look forward to executing on Bascom’s operational strengths while building our portfolio in a rapidly growing Southwestern market.”
Bascom’s Senior Principal of Operations, Paul Diamond, added, “While Sierra Charles has been well-maintained by current ownership, the property is extremely well-positioned for new ownership to drive appreciation through institutional management and the execution of strategic renovations. Current ownership has performed moderate improvements, but the property has not been addressed with a comprehensive renovation plot in over twenty years. Bascom will renovate unit interiors with new countertops and appliances, wood plank flooring, new baseboards, cabinetry improvements, new fixtures and lighting, and a new two-tone paint scheme. In addition, Bascom will be improving amenities with a pool deck expansion, dog park addition, and leasing office re-design.”
Bascom and its affiliates have bought and operated 51 apartment communities totaling 16,263 units in the Arizona market. Over the past year, Bascom has completed over $436.8M in multifamily transactions.

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RICHMOND, VA – Construction is officially underway at the newest multifamily development in Richmond’s vibrant Scott’s Addition neighborhood. Greystar, a leading global development firm, and Capital Square, a top sponsor of tax-advantaged real estate investments, bought a 2.28-acre parcel at 1601 Roseneath and started construction in December 2020. The partners celebrated the progress with an onsite groundbreaking ceremony on Thursday, April 15.
“We are pleased to partner with one of the best and highest quality development and property management firms in the country, and to continue our already significant investment in Capital Square’s hometown of Richmond, as well as in Scott’s Addition, one of Richmond’s hottest neighborhoods,” said Adam Stifel, executive vice president of development at Capital Square.
Located at the corner of Roseneath and Moore Street, the 1601 Roseneath site encompasses an entire city block and will soon be home to 350 apartment units and over 16,000 square feet of retail space. The Scott’s Addition neighborhood is especially appealing for area residents due to its walkable scene and the ongoing “renaissance” that’s led to its steady retail, commercial, and residential growth. In addition to the handful of active warehouses that remain in this historically industrial neighborhood, Scott’s Addition is now home to a diverse mix of businesses and over 40 food and beverage establishments, including famed breweries and some of Richmond’s most acclaimed restaurants.
“Through thoughtful placemaking design and a locally focused and curated retail strategy, Greystar hopes to make a lasting contribution to one of Richmond’s most dynamic and authentic neighborhoods,” said John Clarkson, Managing Director of the Mid-Atlantic region at Greystar.
Greystar collaborated with Hord Coplan Macht (HCM) and Richmond-based ARCHITECTUREFIRM on architecture and interior design to make a gorgeous and thoughtful design aesthetic, which represents a modern interpretation of the neighborhood’s industrial surroundings. The result will be a striking six-tale development that blends seamlessly into its creative and historic surroundings and feels more like a boutique hotel with high-end amenities and ample community programming. Offering first-of-its-kind, institutional quality management to the Scott’s Addition submarket, the development will bring a new level of hospitality to locals and transplants alike.
“With the help from our friends at HCM and ARCHITECTUREFIRM, our project will pay homage to Scott’s Addition’s industrial history while providing a contemporary living experience for its current and future residents,” noted George Hayward, Senior Director at Greystar.
Available in the property will be a floor plot selection of studios, one-, two-, and three-bedrooms, ranging in size from 550-1,500. Comprising the retail space will be a collection of restaurants and beverage spots to make this community both a brand-new home and a meeting place for anyone looking to grab a meal or a drink in a thriving Richmond neighborhood. Although specific tenants have not yet been announced, the retail mix will integrate local purveyors and restauranteurs and is intended to showcase the best of Richmond’s burgeoning culinary scene and complement the existing establishments that have been the force behind Scott’s Addition’s resurgence.

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WAYLAND, MA – Partners, a national leader in multi-family real estate development, announced the groundbreaking of its newest luxury residential community – Alta at River’s Edge – in Wayland, Massachusetts. Construction is underway and the community is scheduled to open in late Summer 2022.
Once complete, the new community will feature 218 apartment homes comprised of one-, two- and three-bedroom floorplans spread across a total of three buildings. The units will include high-end finishes and features including stainless steel appliances, smart thermostats, and large balconies.
Alta at River’s Edge will also feature a wide range of desirable amenities for the residents to delight in including a club room and game lounge, fitness center, work from home spaces, indoor golf simulator, and pet spa. Additionally, there will be two courtyards with a pool and hot tub, fire pits, grilling stations and a resident gardening area.
“Wood Partners is very excited to finally break ground on Alta at River’s Edge,” said Jim Lambert, Managing Director. “This project has been a long time in the making and we want to thank the Town of Wayland and the many individuals who worked so hard, well before our involvement, to lay the groundwork for it. It is a fantastic example of a public-private partnership and what can be accomplished when municipalities work together with private developers to make much-needed housing in Massachusetts.”
Located on Boston Post Road (Route 20) in Wayland, the future community will be adjacent to the Town of Sudbury with seasonal views of the nearby Sudbury River and its marshlands that are home to protected birds and other wildlife. A future rail trail will help connect the property to nearby Wayland Town Center, Route 20 retail, Wayland Public Library and the Town of Weston. The trail will be used primarily for walking, running, and biking and will feature gorgeous wildflowers and scenery.
“Alta at River’s Edge will offer a premier Wayland address, a scenic setting next to the Sudbury River, simple access to employment centers, and a highly rated school system,” Lambert continued. “We look forward to opening the doors to the community next year.”
The community is 20 miles west of Boston, providing residents proximity to numerous employment opportunities as well as recreational destinations.

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