Community near ASU provides buyer with repositioning opportunity
Phoenix, February 24, 2020 – Bascom Arizona Ventures, LLC, purchased the Dolce Villagio rental townhome community at 202 S. Hardy Drive in Tempe, Arizona for $11.5 million. The company plans to modernize and reposition the property, which is close to Arizona State University.
“The Dolce Villagio townhomes are in one of the most dynamic submarkets in the state, within walking distance to ASU and the thriving northern Tempe employment hub,” says Chris Roach, associate vice president with Colliers International in Arizona. “The property is also nestled in a neighborhood with high barriers to entry based on zoning and density restrictions. The buyer recognizes the ability to reposition the property with contemporary, luxury finishes to enhance the condo-quality design of the asset.”
Bascom Arizona Ventures purchased the property from Gary Phillips, an Arizona-based private investor. Chris Roach, Matt Roach and Brad Cooke of Colliers in Arizona negotiated the transaction.
Constructed in 2007, Dolce Villagio is composed of 37 garden-style townhomes that were individually parceled but never sold as condominiums. The expansive floorplans average 1,423 square feet and offer direct access to two-car garages. The two- and three-bedroom units were 85 percent occupied at the time of the sale. This community is walking distance to the ASU Main Campus, Tempe Town Lake, Phoenix Metro Light Rail, Tempe Street Car and a recently opened Whole Foods.
This particular submarket has experienced a 7.9 percent year-over-year rent growth and resides in one of Arizona’s highly sought-after tax-savings designated Opportunity Zones. This designation will promote further economic growth in the area.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers and LinkedIn.
Colliers International in Arizona has served clients locally and globally for more than 35 years.