Joint venture buys Arizona multifamily complex

Renovation planned for 20-year-old property

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A joint venture between Bascom Arizona Ventures and Rockwood Capital has purchased Hacienda del Sol Apartments, a 374-unit apartment community in Chandler, Ariz. The value of the transaction was approximately $11.8 million. A California based private investor sold the property, located at 868 South Arizona Ave. The community was built in 1985 on 11.1 acres and features a large swimming pool and spa, a basketball court, a tennis court, a racquetball court, a volleyball court, laundry facilities, and a jogging/fitness trail. The community is comprised of 17 residential buildings. Additionally there is ample parking available that includes 380 carports and 105 open spaces for a total of 485 parking spaces. Hacienda's apartment homes consist of four different floor plans that range from 325-square-foot studio units up to the 654-square-foot, two-bedroom/two-bath units. Anaheim, Calif.-based Commercial Services Building Inc. will be providing the renovation work for Hacienda del Sol. ...