A joint venture between Bascom Arizona Adventures and Rockwood Capital has purchased a 196-unit apartment community in Phoenix, Ariz.

The value of the transaction was $10.8 million.

The property, Sunrise Village, was built in 1984 and is located at 5020 West Thunderbird Road. The 7.7-acre property features a heated swimming pool and spa, a play court, a clubhouse and fitness center, laundry facilities, a lighted basketball court, and a children’s play area. The apartment community is comprised of 15 residential buildings featuring two floor plans, 675sf one bedroom units and 940sf two bedroom units.

Anaheim, Calif.-based Commercial Services Building Inc. will be providing renovation work for Sunrise Village.

Irvine, Calif.-based Bascom is an active buyer of multifamily communities throughout Arizona, California, Hawaii and the Pacific Northwest.

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