Bascom Group acquires 289-unit apartment complex in Tucson, Arizona

Bascom Arizona Ventures, a subsidiary of The Bascom Group, has acquired Domain 3201, a 289-unit, garden-style multifamily property in Tucson, Arizona, from Investors Capital Group for $45.5 million, or $157,439 per unit, in an off-market transaction.

The 14-building property at 3201-3225 W. Ina Road was constructed in two phases in 1985 and 1990. The property was last renovated in 2015. The unit mix includes 137 one-bedroom, 144 two-bedroom and eight three-bedroom apartments.

The property is situated near Interstate 10, with access to more than 1,500 businesses within a 5-mile radius. New ownership plans a capital improvement program that includes refreshed clubhouse and leasing office spaces, enhanced pool, spa and fitness areas, and upgraded residences. Bryten Real Estate Partners will manage the property going forward.

The property last traded in July 2019 for $37.75 million.

Hamid Panahi and Clint Wadlund of Institutional Property Advisors represented both sides in the deal.