The joint venture buyer plans to spend more than $2.5 million oninterior and exterior renovations at the 88%-occupied Wyndham ParkApartments at 5104 E. Van Buren St., says Glenn Daiutolo of BascomArizona, who teams with partner Jerry Finney to search foracquisition opportunities for a partnership comprised of BascomGroup LLC and Multifamily Advisors LLC. The latest deal takes theArizona portfolio to 1,277 units.

Daiutolo tells GlobeSt.com that Wyndham Park Apartments, sold byYardley, PA-based Berwind Property Group Ltd., is a class Cdevelopment in an area with a lot of class A complexes that areselling for $85,000 per unit. "We feel like we bought it well belowreplacement cost," he says.

Berwind's broker, Alon Schnitzer in Marcus & Millichap'sPhoenix office, says Wyndham Park Apartments traded for $28,200 perunit at a 4.9% cap rate. Schnitzer, partnering with Marcus &Millichap's Peter Katz, says Bascom Arizona bested seven otherbuyers to win the deal.