**Bascom Acquires Tucson Apartment Community for $53.4M**
Bascom Arizona Ventures has acquired The Retreat at Speedway, a 304-unit multifamily property located at 7401 E. Speedway Boulevard in Tucson, Arizona, for $53.4 million. The acquisition was made through Bascom’s current fund offering, Bascom Value Added Apartment Investors VI, LLC. The seller was Weidner Apartment Homes.
The Retreat at Speedway is a two-story, garden-style community offering residents a mix of one- and two-bedroom floor plans. Community amenities include a swimming pool and spa, a fitness center, and a clubhouse.
Originally built in 2001, the property presents a value-add investment opportunity. Bascom plans to implement a capital improvement program aimed at enhancing amenity spaces—including the clubhouse, pool, spa, and fitness center—as well as upgrading the apartment units.
Debt financing for the transaction was provided by BrightSpire Capital Acquisitions. The financing was arranged by Brian Eisendrath, Cameron Chalfant, Jake Vitta, and Jesse Zarouk of Institutional Property Advisors (IPA). Steve Gebing, Cliff David, Hamid Panahi, and Clint Wadlund of IPA represented both the buyer and the seller in the transaction.
