PHOENIX, AZ – The 146-unit apartment community, Valle Cita Gardens, 2311 E. Union Hills Dr., Phoenix, sold recently to an Oregonbased investment entity for $8,535,000 or $58,458 per door.

Lee & Associates Principal Todd Braun negotiated the multifamily transaction on behalf of both buyer and seller. Reliance Residential, West Linn, Oregon was the buyer, while Paso Robles, LLC of Phoenix was the seller.

Built in 1985, Valle Cita Gardens sits on 4.6 acres and offers individually-metered studio, one and two-bedroom apartments in a garden style setting. The gated community features a pool and spa, laundry facilities, walk-in closets, storage units and fi replaces in selected units.

The complex is conveniently located close to area shopping and the Loop 101 and SR-51 freeways in the North Valley.

For more information contact Braun at 602.474.9550.

PHOENIX, AZ – Santerra Apartments, a 128-unit multifamily complex at 3434 E. McDowell Rd., in Phoenix has sold to a California Investor for $5,807,500, or $45,371 per door.Todd Braun, Principal at Lee & Associates negotiated the transaction for the sellers, Santerra Apts, LLC of Scottsdale and for the buyer, Dynamics Capital Group of Brentwood, CA.

The property features include a swimming pool, individually metered units, on-site laundry and children’s play area. It is located on a Phoenix city bus line and close to area freeways.

“This sale represented an excellent value add opportunity through strategic capital infusion. The property’s mix of majority two-bedroom units, 1985 vintage and individual utility metering were all compelling property characteristics that made this an attractive acquisition opportunity,” Braun said.

The Lee Apartment Group features veteran multifamily Principal Dave Lord, Braun and Associate Will Barnard. The team is focused on key property sale opportunities, investment and land sites throughout the Phoenix metropolitan area.

To learn more from the Lee Apartment Group, Braun should be called at 602.474.9550; Lord can be reached at 602.954.3779 and Barnard is at 602.912.3521.

PHOENIX, AZ – A 355-unit, Central Phoenix apartment community at 2912 E. Indian School Rd., Phoenix, sold for $12.5 million ($35,211 per door).

Lee & Associates Principal Todd Braun and associate Will Barnard represented the buyer, SPL Real Estate & Management Co. of Denver, CO. Karl Abert of Newmark Grubb Knight Frank represented the seller, Bella View Apartments, LLC of Scottsdale.

Bella View Apartments, built in 1979, is situated on 7.92 acres. It features four, 3-story buildings of studio and one bedroom units. The community features four pools, spa, tennis and basketball courts, picnic areas with BBQs and laundry facilities.

“BellaView Apartments LLC did an excellent job of repositioning this property over the last few years. When they acquired Bella View in 2011 (then called Brandywood) from an out-of-state lender, the community had signifi cant vacancy and deferred maintenance,” Braun said.

“The new owner, SPL Management, has an exciting plan to further enhance the asset to attract higher demographic tenants. They will be upgrading both the exterior design and amenities as well as elevating the interior features to a level that will compete with many of the luxury communities in the area. SPL was attracted to the property due to its compelling location; close to the Camelback Corridor, Biltmore Fashion Park and immediately next to a Sprout’s-anchored shopping center. SPL has renamed the apartment community The Standard at 29th,” Braun added.

To learn more Braun can be reached at 602.474.9550 and Barnard is at 602.912.3521.