SCOTTSDALE, AZ-Bascom Arizona Ventures LLC has boosted the size of its multifamily portfolio by more than 1,120 units with the $84-million acquisition of the 644-unit Scottsdale Greens Apartments, the largest complex in Scottsdale, and 480-unit Newport Landing Apartments in nearby Glendale.

The Irvine, CA-based investment group spent $52.2 million on Scottsdale Greens at 2291 E. Osborn Rd. and $31.37 million on Newport Landing at 5205 W. Thunderbird Ave. James Crews, director of Cushman & Wakefield Arizona of Inc., says the two properties were part of a national portfolio owned by Alliance Lighthouse DB LP of Greenwich, CT.

"This was part of a national fund. They'd owned these buildings for awhile and now that the fund is coming to a close, they're selling the assets," says Crews, who with C&W's Todd Braun, Brett Polachek and Paul Gross negotiated both sides of the transaction.

Crews tells GlobeSt.com that the assets, which had been on the market for 30 to 45 days, attracted 12 to 15 offers. But in the end, he says Bascom had everything required by the seller. "Their pricing was good," Crews says, "and Bascom has a strong closing record."

Both properties had occupancy rates in the low 90% range. Units average 807 per sf. The 644-unit Scottsdale Greens, situated on 30 acres, was constructed in 1979. Crews says the buyer might be looking at renovating the complex. The 480-unit Newport Landing, built in 1987 and expanded in 1996, was renovated during about two years ago.