Joint venture partners Bascom Group LLC of Irvine, CA and Multifamily Advisors LLC of Scottsdale teamed on the acquisition with Cleveland-based KeyBank Real Estate Capital. The seller of Inglewood Village at 1050 S. Longmore St. was New York-based pension fund adviser Sentinel Real Estate Fund.

"This is our typical value-added play," says Glenn Daiutolo, a partner with Bascom Arizona who oversees acquisitions, adding the property fell out of escrow a couple times. He tells GlobeSt.com that the JV will spend $10,250 per unit on renovations that are set to begin within 30 days. Interior upgrades call for new washer/dryer connections and appliances, ceiling fans and bathroom updates. Exterior improvements include new roofs and landscaping. Commercial Services Building Inc. of Anaheim, CA is handling the renovation, which is expected to be completed by early 2006, according to Daiutolo.

"We see a lot of upside in rents once we complete the improvements," Daiutolo says. He estimates rents could be bumped as much as 15%. Monthly rents presently range from $533 for a one-bedroom apartment to $956 for a three-bedroom unit. The average monthly rate is $592. "The rents are well below market and the high occupancy of the complex illustrates that," he adds. The 97% occupancy is seven points higher than the metro average.