Joint venture gains 500-plus apartments

A joint venture between Bascom Arizona Ventures LLC and Key Bank Real Estate Capital has purchased the 548-unit apartment community known as the Desert Shadows Village Apartments in Phoenix, Ariz.

The value of the transaction was approximately $22.5 million.

Desert Shadows Village Apartments, located at 14230 North 19th Ave., were built in 1980. The grounds are spread over 26.5 scenic acres and feature a large clubhouse, two swimming pools (of which one is heated), two Jacuzzis, two tennis courts, a playground, a fitness center, sand volleyball courts, sports courts, barbeque grills and laundry facilities. The community is comprised of 62 two-story buildings.

Additionally there is a parking area that includes 551 carports and 410 open spaces for a total of 961 parking spaces. These apartment homes consist of five different floor plans that range from 700-square-foot, one-bedroom units up to the 1,444-square-foot, 3-bedroom/2-bath units.

Desert Shadow Apartments Inc., an Arizona corporation, sold the property.

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