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In what is being called the biggest apartment portfolio transaction in Arizona history, an Irvine, Calif.-based real estate and investment firm has paid $427.5 million for 12 complexes around the valley. The Bethany Group LLC, which bought the properties from Scottsdale-based Bascom Arizona Ventures LLC, plans to give the apartment interiors a “full rehab,” including new cabinets, counters, flooring, windows, appliances and others, said CEO Greg Garmon. The properties, which are scattered across the Valley, are primarily C- and B-grade complexes. Altogether they include 5,178 units for an average per-unit price of $82,561. More…