All posts in "Sierra Vista"

Bascom Arizona Closes An 812-Unit Apartment Portfolio In Southern Arizona

 

Via markets.businessinsider.com

TUCSON and SIERRA VISTA, Ariz., Oct. 3, 2017 /PRNewswire/ — Bascom Arizona Ventures has acquired three apartment communities located in Tucson & Sierra Vista, Arizona for $70,225,000, or $86,484 per unit. Bascom Arizona Ventures assumed the existing HUD loans for all three properties. Hamid Panahi of Marcus & Millichap represented the buyer and seller in the transactions. The onsite property management will be overseen by Arizona based Morrison, Ekre & Bart Management Services (MEB).

The purchase comes on the heels of the recent acquisitions of Springs at Silverbell, a 290-unit “Class A” community, and Springs at Continental Ranch, a 196-unit “Class A” community, both located in northwest Tucson, as well as La Entrada, a 186-unit community located near downtown Tucson.

All three properties offer a resort-style swimming pool, relaxing spa, 24-hour fitness center, business center, and private garages. Residents at Summit Vista (288 units), built in 2008 and Crescent Ridge (272 units), built in two phases (2001 & 2008), enjoy easy access to Interstate 10 and are proximate to some of the area’s largest employers, as well as a plethora of retail, dining, and entertainment options. Also built in two phases (2004 & 2008), Port Royale (252 units), is proximate to Ft. Huachuca, the largest military installation in the state.

Mark Brotherton, Portfolio Manager of Bascom affiliate Bascom Arizona Ventures, comments, “The Southern Arizona portfolio provides us with an exceptional opportunity to acquire another multifamily portfolio in a recovering market, well below replacement cost, with significant upside with our value-add program. Summit Vista, Crescent Ridge, and Port Royale are our 17th, 18th, & 19th acquisitions since August 2012 in the state of Arizona, and our fourth and fifth in Tucson in the past year. We are very excited about our newest acquisitions and look forward to commencing our value-add program as soon as possible.”

Bill Wright, Asset Manager of Bascom affiliate Bascom Arizona Ventures, adds, “The Bascom renovation program is designed to cure the previous owner’s extensive deferred maintenance, bring the properties to full operational capacity, and support Bascom’s proven business plan.”

About Bascom: The Bascom Group, LLC is a private equity firm specializing in value-added multifamily, commercial, non-performing loans, and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, increasing revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Bascom has completed over $13.3 billion in multifamily and commercial value-added transactions since 1996 including more than 528 multifamily properties containing over 141,000 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom’s subsidiaries and joint ventures include the Southern California Industrial Fund, Rushmore Properties, Bascom Portfolio Advisors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, MHF RM Holdings, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Venture Partners, Bascom Milestone Ventures, and the Realm Group. Bascom’s subsidiaries also include Premier Business Centers, the largest privately held executive suite company in the U.S. For additional information, please visit www.bascomgroup.com.

 

 

 

Read More >
Share

Cochise Loses Jobs

 

Via willcoxrangenews.com

 

According to data from Arizona’s Office of Economic Opportunity, the Cochise County economy lost 800 jobs in the 12 months ended July for job growth of -2.4 percent. In the 13 months from July last year through July this year, Cochise County saw year-over-year job declines in five months, gains in four months, and stabilization in four months. That followed persistent job losses over the previous seven and a half years (from the beginning of 2009 through the middle of last year).

In the 12 months ended July, Cochise County’s private sector added 100 jobs for job growth of 0.4 percent. Those gains were overshadowed by the loss of 900 government-sector jobs (-8.3 percent) with 200 of those in federal government (-4.0 percent) and 700 in state and local government (-11.9 percent).

All of the private-sector job gains in the 12 months ended July were service jobs, which were up by a net 100 (0.5 percent) with the addition of 200 educational and health services jobs (4 percent), 100 financial activities jobs (9.1 percent), and 100 leisure and hospitality jobs (2.8 percent) partly offset by the loss of 200 jobs in professional and business services (-5.4 percent) and 100 trade, transportation, and utilities jobs (-1.7 percent). Job numbers stabilized in the information and other services industries in the 12 months ended July.

Elsewhere in the private sector, the number of goods-producing jobs stabilized in the 12 months ended July with job numbers flat across manufacturing, construction, and mining.

In month-to-month comparisons, Cochise County lost 1,100 jobs from June to July. The government sector lost 700 jobs, all of which were in state and local government. Cochise County’s federal government job numbers stabilized from June to July.

Cochise County’s private sector lost 400 jobs from June to July. Within the private sector, service jobs were down by 500 with the loss of 400 educational and health services jobs and 100 jobs in the trade, transportation, and utilities industries. All other private-sector service industries countywide (information, financial activities, professional and business services, leisure and hospitality, and other services) saw job numbers stabilize at June levels in July. Cochise County’s goods-producing sector was up by 100 jobs from June to July, all of which were in manufacturing. Construction and mining jobs held steady from June to July.

According to OEO figures, Cochise County’s seasonally adjusted unemployment rate stabilized at 5.5 percent from June to July. The July rate was down from 6 percent in July last year. Unadjusted city-level unemployment rates for July were: Benson, 5.1 percent; Bisbee, 4.1 percent; Douglas, 7.7 percent; Huachuca City, 7.3 percent; Sierra Vista, 5.3 percent; Tombstone, 1.9 percent; and Willcox, 6.2 percent.

Arizona’s seasonally adjusted unemployment rate stabilized at 5.1 percent from June to July (down from 5.2 percent in July 2016). The national unemployment rate inched downward from 4.4 to 4.3 percent in July (down from 4.9 percent in July last year).

Dr. Robert Carreira is Chief Economist at Cochise College Center for Economic Research. He can be reached at Robert@CochiseEconomy.com. Visit the CER website at www.CochiseEconomy.com.

 

 

 

Read More >
Share

Sierra Vista Ranked In Top 3 For Tech Workers

Via kvoa.com

That information comes from an annual study published by New York based personal finance technology company SmartAsset this week.

After cracking the top 10 in the study last year, Sierra Vista remains the only city in Arizona to make the list of the top 25. SmartAsset ranked 201 cities that had data for the five metrics it uses and noted that only 12 other cities in the study had a higher concentration of tech workers than Sierra Vista.

“Sierra Vista is something of a tech hub with 5.4 percent of workers employed in the field,” SmartAsset says. “Secondly, working in tech in Sierra Vista is a high paying gig … On average tech workers in Sierra Vista make $81,400 per year.”

Sierra Vista also scored above average when it comes to the unemployment rate of people with a bachelor’s degree and the ratio of a tech wage compared to an average wage in the community. The study also looked at cost of living. Columbus, Ohio, and Springfield, Illinois, were the only cities with a higher overall score than Sierra Vista.

“This top three ranking demonstrates that Sierra Vista should be on the short list of communities for tech workers seeking quality jobs and tech companies looking to expand,” Sierra Vista Economic Development Manager Tony Boone says. “With one of the best community colleges in the nation, and a new bachelor’s program in cyber operations at University of Arizona South, Sierra Vista has the educational foundation required to meet the workforce needs of growing companies in tech fields.”

To view the study published by SmartAsset on Aug. 15, go to smartasset.com/mortgage/the-best-american-cities-to-work-in-tech-in-2017.

© KVOA.com 2017, KVOA.com A CORDILLERA COMMUNICATIONS Station All rights reserved Privacy Policy, | Terms of Service, and Ad Choices

 

 

 

 

Read More >
Share

County Sees Highest Job Growth Since 2008

Via svherald.com

According to data from Arizona’s Office of Economic Opportunity, the Cochise County economy added 500 jobs in the 12 months ended June for job growth of 1.5 percent. June’s year-over-year job gains were the most since the 12 months ended November 2008. In the 12 months from July last year through June this year, Cochise County saw year-over-year job gains in four months with stabilization in four months and slight declines in four months. That followed persistent job losses over the previous seven and a half years (from the beginning of 2009 through the middle of last year).

In the 12 months ended June, Cochise County’s private sector added 700 jobs for job growth of 3.1 percent. Those gains were partly offset by the loss of 200 government-sector jobs (-1.8 percent) with 100 of those in federal government (-2.0 percent) and 100 in state and local government (-1.7 percent).

All of the private-sector job gains in the 12 months ended June were service jobs, which were up by a net 700 (3.4 percent) with the addition of 500 educational and health services jobs (10.2 percent), 200 financial activities jobs (20 percent), and 100 leisure and hospitality jobs (2.8 percent) partly offset by the loss of 100 jobs in professional and business services (-2.8 percent). Job numbers stabilized intrade, transportation, and utilities, as well as in the information and other services industries, in the 12 months ended June.

Elsewhere in the private sector, the number of goods-producing jobs stabilized in the 12 months ended June with job numbers flat across manufacturing, construction, and mining.

In month-to-month comparisons, Cochise County lost 500 jobs from May to June—fewer than seasonally expected. All of the job losses were in state and local government and attributable to the end of the school year and turnover of personnel. State and local government job numbers will pick up again in August with the start of the new school year. Cochise County’s federal government job numbers stabilized from May to June.

Cochise County’s private sector gained 100 jobs from May to June, all of which were service jobs in the trade, transportation, and utilities industries. All other private-sector industries countywide (manufacturing; construction and mining; information; financial activities; professional and business services; educational and health services; leisure and hospitality; other services) saw job numbers stabilize at May levels in June.

According to OEO figures, Cochise County’s seasonally adjusted unemployment rate decreased from 5.6 to 5.5 percent from May to June. The June rate was down from 6.1 percent in June last year. Unadjusted city-level unemployment rates for June were: Benson, 4.9 percent; Bisbee, 4.0 percent; Douglas, 7.5 percent; Huachuca City, 7.1 percent; Sierra Vista, 5.1 percent; Tombstone, 1.7 percent; and Willcox, 6.0 percent.

Arizona’s seasonally adjusted unemployment rate stabilized at 5.1 percent from May to June (down from 5.3 percent in June 2016). The national unemployment rate inched upward from 4.3 to 4.4 percent in June (down from 4.9 percent in June last year).

Dr. Robert Carreira is chief economist at Cochise College Center for Economic Research. He can be reached at Robert@CochiseEconomy.com. Visit the CER website at CochiseEconomy.com.

 

 

 

 

Read More >
Share

Payless ShoeSource Will Close 7 Of Its Arizona Stores

Via ktar.com

Payless ShoeSource will close seven of its Arizona locations as it restructures nationwide operations after filing for bankruptcy.

Last week, the shoe sales store announced the decision to close 400 shops across the country.

“This is a difficult but necessary decision driven by the continued challenges of the retail environment, which will only intensify,” said Payless CEO Paul Jones. “We will build a stronger Payless for our customers, vendors and suppliers, associates, business partners and other stakeholders through this process.

“We are confident that this process will also enable us to leverage Payless’s existing strengths to succeed.”

More than 20 Payless locations in Arizona will remain open.

Payless stores closing in Arizona

– Tuscano Towne Center Phoenix

– Metro Center Phoenix

– Foothills Center Phoenix

– 5122 N 95th Ave Glendale

– Menlo Park  Tucson

– 108 N Morley Ave. Nogales

– Plaza Vista Mall Sierra Vista

Read More >
Share

Cadden Community Management celebrates 30 years of growth and success in the Tucson region

For some last Saturday, Jan. 7 passed like any other, but for the dozens of individuals who work for Cadden Community Management (CCM), that day marked an impressive milestone as the company celebrated its 30th year in business.

Read more at tucsonlocalmedia.com

Originally named Cadden Parfrey Services after current president and CEO F. Michael Cadden – a Navy veteran – and founding partner Scott Parfrey, the business got its current name after Cadden bought out his partner after the turn of the century. Originally managing just two homeowners associations in the Tucson region back in 1987, CCM now manages more than 220 associations across Tucson, Green Valley and Sierra Vista – which represent more than 40,000 individual lots.

At the frontline of the decades-long service to the Tucson community are the company’s portfolio managers, who in simple terms work with homeowners associations to make sure rules and policies are followed by residents, collect and handle association-related financials for each household and make sure all other functions are carried out.

“Our perception is that we protect the value of the homes in the neighborhood,” Cadden said. “We provide a service to the home owners association and the people living there by protecting their investments. … It is an interesting business in that you need to know something about a lot of things, but you don’t really need to be an expert in anything.”

While CCM expends a majority of its efforts working with home owners associations, that was not always the case over the company’s long history. In the early days, Cadden said that much of business was comprised of working with the development community; handling budgets and other development paperwork for the state department of real estate.  Over time, and especially as a result of the 2008 financial crisis, the company moved more towards handling homeowners associations as developers left the region.

Once a company handling two associations, CCM has grown exponentially since its founding and more than three times in size since Cadden bought out his former partner in 2001. Now managing between $20 and $25 million in assets a month, Cadden attributes the company’s success and ability to adapt over the years to hiring “good people,” and always setting a goal to grow at a reasonable, sustainable rate.

“It’s about hiring the right people, good people, and then retaining them,” he said.

Rodriguez agreed, saying that by hiring good people and taking care of their employees, they will in turn take good care of their associations and other clients. Aside from benefits packages and salary structure, Rodriguez said that CCM shows its employees love with holiday parties, a day off every month, trips to baseball games, the zoo and more.

“I think that from an employee perspective … Mike Cadden has done a fantastic job in foster a family atmosphere; everybody cares about everybody and we all have each other’s back,” she said. “There is always someone who is willing to help out.”

Read More >
Share