The Bascom Group has acquired a three-property, 812-unit apartment portfolio for $70.2 million. Two of the properties — Summit Vista and Crescent Ridge — are located in Tucson, Ariz., and the third — Port Royale — is located in Sierra Vista, Ariz.
Summit Vista, built in 2008, comprises 288 units and includes one-, two- and three-bedroom floorplans, and community amenities include a fitness center, spa and pool. Crescent Ridge includes one-, two- and three-bedroom configurations, totaling 272 units. Built in 2002, the property features a fitness center, spa and pool. Port Royale, constructed in 2003, also has one-, two- and three-bedroom floorplans and totals 252 units. Shared amenities at the property include a fitness center, spa, pool and playground.
Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, a private investor, and also procured the buyer.
Following a strong showing in 2016, the Tucson multifamily ma
