Art Wadlund with Hendricks & Partners' Tucson office tells GlobeSt.com that Sandstone Arizona LLC of Rancho Santa Fe, CA made the offer on the Sandstone apartments nearly two years after seller, CDS AZ 4 Property Association LP of Salt Lake City took the 405 E. Prince Rd. complex off the market in order to work out a way to pay off the property's debt. Once that issue was resolved, Wadlund says, the mid-1980s, garden-style complex was freed up for sale.
The property's debt-free status allowed the California group, a first-time Arizona buyer, to make an unsolicited offer and place new financing on the complex, adds Wadlund, who handled the sale for both parties. He says the California group bought the complex as a way to diversify its portfolio holdings.
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