Investment Properties Group of Calgary has gotten more than $63,000 per unit for its Casa Santa Fe Apartments, a 264-unit complex in north Scottsdale. "There are still a lot of buyers out there," Brad Goff, the seller's broker from the Phoenix office of Insignia/ESG, tells GlobeSt.com. "There are a lot of dollars chasing not a lot of deals." Arcadia Villa Apartments LLC, a Scottsdale group, is the buyer and was represented by Robert Chester of Realty Executives' Phoenix office.

Goff says his client, Investment Properties Group, opted to liquidate its Valley apartment holdings not because of any market trigger, but because of internal timing. The publicly traded firm will funnel the proceeds dividends for its shareholders.

Earlier this year, Investment Properties Group sold the Scottsdale Foothills, a 330-unit complex at 9259 E. Raintree Dr. for $20.75 million; and Joshua Tree Apartments, a 330-unit complex at 11545 N. Frank Lloyd Wright Blvd. for $21 million.