A 12-property apartment portfolio outside of Phoenix has sold for a record-setting $427.5 million. The Bethany Group of Irvine, Calif. bought the value-added portfolio from Bascom Ventures LLC.
With a total of 5,178 units, the average price per apartment unit equals roughly $82,561. The sale now stands as the largest apartment portfolio sale by dollar volume in Arizona history.
Colliers International represented the seller on this . The seller, Bascom Ventures, repositioned the portfolio before putting it on the market. The result was B to B+ assets located in core in-fill locations not far from the Phoenix metropolitan area.
Bethany Group has been buying apartment properties in Phoenix for the past three years.