Paradise Club Apartments at 2825 E. Marconi Ave. is thecommunity development subsidiary's first acquisition in the Valleyalthough it's completed work on more than 24,000 affordable housingand mixed-income rental units in the US. The group has offices in12 cities.

BofA says Paradise Club will remain affordable to residentsearning 80% or less of the area's median income of $26,200. Thecomplex was built more than 20 years ago as condominiums. Theproperty has since been converted to rental apartments and is about90% occupied. All units are two bedrooms and range from 1,064 sf to1,165 sf with an average monthly rent of $658. According to BenitoAlmanza, president of Bank of America Arizona, Paradise Club willundergo property improvement and repairs, which are expected tocost nearly $7,000 per unit.

Greg Hettrick, a senior equity manager based in Dallas, closedthe transaction for the bank and will lead the property'sredevelopment. Lincoln Property Co. will provide onsitemanagement.