Tyler Anderson, with CB Richard Ellis Inc.'s Phoenix office, tells GlobeSt.com that the 92%-occupied property, located adjacent to Thunderbird Samaritan Hospital and within walking distance to ASU West, caught the attention of at least 10 other investors because the property was debt free, which gave the buyer the chance to obtain new financing. Alliance Holdings won out over the others, however, because the investment group offered better terms and had a proven track record for closing deals.

The buyer currently holds about 58,000 units throughout the country, including a four-property portfolio in Phoenix that it bought in March, Anderson said. Anderson and Sean Cunningham, also with CB Richard Ellis' Phoenix office, negotiated terms for the seller, BRE Properties of San Francisco, in the all-cash transaction, while Alliance used in-house representation.

Built in two phases in 1986 and 1996, Newport Landing features spacious floor plans with walk-in closets and designer kitchens with Euro-style cabinetry. Amenities include private courtyards and fountains throughout the grounds, three resort-style swimming pools with spas, fitness center and recently-renovated clubhouse.