Bascom Arizona Ventures, a subsidiary of Irvine-based The Bascom Group, has bought Domain 3201, a 289-unit apartment community in Tucson, Arizona, for $45.5 million or about $157,439 per unit.
The purchase from Seattle-based Investors Capital Group is Bascom Arizona Ventures’ second apartment buy in Tucson this year.
Built in phases in 1985 and 1990, Domain 3201, located at 3201-3225 W Ina Rd, is a garden-style community spanning almost 12.5 acres and offers one-, two-, and three-bedroom units, along with three swimming pools.
BrightSpire Capital provided the financing, which was arranged by Institutional Property Advisors. Bryten Real Estate Partners, based in Arizona, will manage the property.
Bascom officials said they plan to add value to the community by making capital improvements to update the common areas and apartment interiors.
The property last traded for $37.7 million in 2019, according to CoStar records.
