VIZZDA–August 19th, 2012 — Orange County, CA based BASCOM Group paid $27.9M or $84,545 per door for the Estates on Maryland- a 330 unit apartment community located South of the Southeast corner of Glendale and 19th Avenues in Phoenix. BASCOM was loaned $20.925M new debt with Mesa West Capital, split into 2 notes of $19,878,750 and $1,046,250. Morgan Stanley is listed as co-trustor on the note.
Estates on Maryland is a three-story complex, originally built in 2000 with 14 buildings on 11.66 acres. The property is gated and features two pools. Units range from 755 SF one-Bedrooms to 1,366 SF three-bedrooms. Formerly known as Jefferson Estates on Maryland, the address is 1802 W. Maryland Ave.
The seller was Colony Reality Partners- a division of Mr. Tom Barrack’s Colony Capital. Colony previously purchased the property November 2nd, 2006 for $39.5M or $119,697 per door; placing $15.79M down and assuming an existing CMBS note for $19.74M- originally borrowed by Marcel Arsenault’s Colorado & Sante Fe Real Estate Company in 2005.