Bascom Arizona Ventures buys Dolce Villagio townhome community in Tempe for $11.5 million

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.


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Chris Roach

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As an associate vice president with Colliers International, I am a member of the Cooke Multifamily Team—one of the top multifamily teams in the nation. Our team includes Cindy Cooke, Brad Cooke, Matt Roach, Teresa Lowery, Ron Cameron, Thomas Brophy, Nicholas Solo, Aimee Healy and Kellyanne Kennedy.

The Cooke Multifamily Team focuses on institutional and private equity assets, ranging from core plus to workforce housing across the United States.

I have emerged as a proven leader within the multifamily market, with clients that include institutional, private equity and individual investors. My in-depth understanding of both investment sales and capital markets enables me to complete complex transactions, while ensuring a smooth process for all parties.

My experience includes market rate and affordable housing, bulk condominium sales, mixed-use, new construction, land and complex value-add transactions.

Clients and colleagues find me to be diligent, persistent, knowledgeable, trustworthy and responsive. My proven track record of success within an ever-changing marketplace has allowed me to forge deep client relationships while continually achieving superior results.

I joined Colliers in 2018, with extensive experience in sales, marketing and entrepreneurship. My background in both business and sports has given me exceptional skills in sales, analysis and negotiations.

Previously, I joined ORION Investment Real Estate in Phoenix in 2014, where I was a senior vice president of multifamily investment sales.

An early source for my drive and determination was my successful college career playing Division 1 baseball.

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Matt Roach

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As an associate vice president with Colliers International, I am part of the Cooke Multifamily Team—one of the top multifamily teams in the nation. Our team includes Cindy Cooke, Brad Cooke, Chris Roach, Teresa Lowery, Ron Cameron, Thomas Brophy, Nicholas Solo, Aimee Healy and Kellyanne Kennedy.

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My analytical nature and tenacity have made me a valuable member of our team. I am well-versed in financial modeling, forecasting and strategic positioning of multifamily assets. I maintain a keen pulse on the market through macro and microeconomic drivers that can affect individual property activity.

I serve as a trusted advisor to clients through my methodical and detail-oriented approach, enabling me to understand and advance my clients’ interests. Described as dedicated, hard-working and trustworthy by clients and colleagues, I pride myself on being available, accessible and responsive.

Prior to joining Colliers, I was a vice president of multifamily investment sales with ORION Investment Real Estate in Phoenix. My background also includes equity research, previously working at D.A. Davidson and MKM Partners, both middle-market investment banks, where I focused on providing industry-leading research, data and financial modeling for institutional clients, including Fortress, Citadel, BlackRock, T. Rowe Price and Fidelity.

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Brad Cooke

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As an executive vice president with Colliers International, I am a member of the Cooke Multifamily Team—one of the top multifamily teams in the nation. Our team includes Cindy Cooke, Chris Roach, Matt Roach, Teresa Lowery, Ron Cameron, Thomas Brophy, Nicholas Solo, Aimee Healy and Kellyanne Kennedy. My primary role is client relationships, ensuring clients’ needs are fully met and that they are aware of the current market conditions and opportunities..

My dedication to our team’s clients and hands-on personal approach has helped create long-lasting business relationships with top national and international companies. I am responsible for client communication, property tours, coordination of the due diligence process, assisting with underwriting, and market and economic analysis. My in-depth market knowledge has proven to be a valuable asset to our clients and team.

Prior to joining Colliers in 2006, I served as a designated broker/owner of Interlock Realty, a residential real estate firm, and was also the leasing agent for over one million square feet of industrial space. My career began in 2002, as an office leasing agent, and I have since been exposed to all areas of real estate. I found my passion and focus in the multifamily investment sector of commercial real estate.

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