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461-Unit Class C Complex Rallies $13M

PHOENIX-Bascom Arizona Ventures and Rockwood Capital team to buy Wyndham Park Apartments, spending $28,200 per door to get a foothold in a neighborhood where the going rate is $85,000 per unit. The play comes with a $2.5-million rehab.

By Jennifer D. Duell | Updated on December 22, 2004

PHOENIX-Bascom Arizona Ventures, marking its third purchase in the Valley, and San Francisco-based Rockwood Capital have put up $13 million for the 461-unit Wyndham Park Apartments.

The joint venture buyer plans to spend more than $2.5 million on interior and exterior renovations at the 88%-occupied Wyndham Park Apartments at 5104 E. Van Buren St., says Glenn Daiutolo of Bascom Arizona, who teams with partner Jerry Finney to search for acquisition opportunities for a partnership comprised of Bascom Group LLC and Multifamily Advisors LLC. The latest deal takes the Arizona portfolio to 1,277 units.

Daiutolo tells GlobeSt.com that Wyndham Park Apartments, sold by Yardley, PA-based Berwind Property Group Ltd., is a class C development in an area with a lot of class A complexes that are selling for $85,000 per unit. “We feel like we bought it well below replacement cost,” he says.

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