A joint venture between Bascom Arizona Ventures LLC and Rockwood Capital Partnership recently purchased a 461-unit apartment community known as the Wyndham Park Apartments in Phoenix, Ariz.
The value of the transaction was $13 million.
Wyndham Park Apartments, located at 5104 East Van Buren Ave., were built in 1983. The grounds are spread over 12.5 acres featuring a large clubhouse, a heated swimming pool, two Jacuzzis, two tennis courts, a fitness center, sand volleyball courts, sports courts, barbeque grills, jogging and fitness trail, and laundry facilities. The community is comprised of 23 two- and three-story buildings. Additionally there are 90 carports and 467 open parking spaces for a total of 557 parking spaces.
These 461 apartment homes consist of four different floor plans that range from 321-square-foot studio units up to the 924-square-foot 2-bedroom/1-bath units. Apartment homes at Wyndham Park include French doors to bedrooms, patios and balconies, and individual forced heating and air conditioning systems in all units. In addition, select units also include a breakfast bar and vaulted ceilings and skylights.
Madison Wyndham Park Apartments Associates LLC sold the property.
Irvine, Calif.-based Bascom Group LLC is an active buyer of multifamily properties throughout California, Hawaii, Arizona, Utah and the Pacific Northwest.
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