PHOENIX-Close to 2.5 years after buying the 629-unit Canyons from special servicer LNR Property, Continental Realty Advisors (CRA) sold the class A multifamily property to Alliance Residential for $50 million, or $80,000 per unit.  The Denver-based CRA’s hold period saw capital expenditures of $1.3 million and an occupancy increase from 63% in 2010 to 94% at the time of closing.

“We enjoyed our period of ownership of The Canyons and appreciated the positive response from our

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