PHOENIX-Bascom Arizona Ventures, marking its third purchase in the Valley, and San Francisco-based Rockwood Capital have put up $13 million for the 461-unit Wyndham Park Apartments.

The joint venture buyer plans to spend more than $2.5 million on interior and exterior renovations at the 88%-occupied Wyndham Park Apartments at 5104 E. Van Buren St., says Glenn Daiutolo of Bascom Arizona, who teams with partner Jerry Finney to search for acquisition opportunities for a partnership comprised of Bascom Group LLC and Multifamily Advisors LLC. The latest deal takes the Arizona portfolio to 1,277 units.

Daiutolo tells that Wyndham Park Apartments, sold by Yardley, PA-based Berwind Property Group Ltd., is a class C development in an area with a lot of class A complexes that are selling for $85,000 per unit. “We feel like we bought it well below replacement cost,” he says.

Berwind’s broker, Alon Schnitzer in Marcus & Millichap’s Phoenix office, says Wyndham Park Apartments traded for $28,200 per unit at a 4.9% cap rate. Schnitzer, partnering with Marcus & Millichap’s Peter Katz, says Bascom Arizona bested seven other buyers to win the deal.

Built in 1983, Wyndham Park Apartments has 23 two- and three-story buildings positioned on 12.5 acres. The unit mix has 168 studios, 288 one-bedroom designs and five two-bedroom apartments, averaging 394 sf. The monthly rent averages $473.

Commercial Services Building Inc. was hired to renovate the complex. The buyer also hired Tucson-based Morrison, Ekre & Bart Management Services Inc. to manage it. Bascom Arizona leveraged the acquisition with a loan from Wells Fargo Bank. Gary Mozer and Lee Norman of George Smith Partners in Los Angeles arranged the financing.

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