Bascom Arizona Ventures LLC has acquired the Tempo at McClintock Station Apartments.
Tempo is a mid-rise multifamily property consisting of 423 residential units in Tempe, Arizona. The price was $89.2 million, or $210, 377 per unit. The seller was P7 McClintock Station Owner LLC.
Oaktree Real Estate Finance II, LLC provided debt financing, which was arranged by Brian Eisendrath, Brandon Smith and Annie Rice of CBRE for the acquisition. Stephen Peters of Melody West advised the buyer and seller in the transaction.
Tempo at McClintock Station is a Class A multifamily property situated in the booming North Tempe submarket. The property offers one, two and three-bedroom apartments that feature exclusive community and state of the art amenities.
The new ownership plans to invest in capital improvements, including upgraded finishes to the leasing office, clubhouse, pool and other common areas, as well as unit interiors.
"Tempo provides an exceptional, high quality, low-risk, off-market investment opportunity in the ever-growing Tempe area," says Mark Brotherton, portfolio manager of Bascom Arizona Ventures. "Tempo offers a new build, soon to be stabilized, core asset, with tremendous upside through mark-to-market rental rates, loss-to-lease burn off, and the elimination of lease-up concessions."
