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 deal. 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.