A company formed by Bascom Arizona Ventures LLC paid $40.5 million ($99,265 per unit) to acquire the 408-unit Indigo Creek apartments located at 14221 N. 51st Avenue in Glendale.
The seller was CFS Indigo Creek LLC, a company formed by Falcon Southwest in Austin, Tex. (Phil Capron, pres.). The transaction was brokered through Steve Gebing and Cliff David of Marcus & Millichap Real Estate Investment Services in Phoenix.
Maricopa County records show Indigo Creek Investors LLC (Bascom entity) acquired the multi-family property with a $35 million loan from Mesa West Real Estate Income Fund III LLC, a company formed by Mesa West Capital in Los Angeles, Calif.
In September 2006, BREW reported the Falcon Southwest company paying $45.3 million ($111,029 per unit) to buy Indigo Creek. The complex was built in 1998. Bascom Arizona Ventures LLC was formed by The Bascom Group in Irvine, Calif. (Derek Chen, Jerome Fink, David Kim, principals). Glenn Daiutolo, who operates from Scottsdale, completes the partnership of principals who together form Bascom Arizona Ventures LLC. With the purchase of Indigo Creek, Bascom Arizona has invested $382.5 + million in buying 4,074 apartments in 12 properties in Arizona. The company is looking to acquire more multi-family assets in Arizona.