PHOENIX-Arizona West Tierra Buena LP, a partnership formed by Aspen Square Management in West Springfield, MA, has sold the 348-unit Avalon Hill Apartments, divesting itself of its fifth of seven multifamily properties in the metro area. The buyer, Chicago-based LaSalle Residential Holding Corp., purchased the property for $19.46 million.

Built in 1986, Avalon Hills is located at 3535 W. Tierra Buena Lane in West Phoenix. It features 140 one-bedroom apartments from 470 sf to 650 sf and renting for $535 to $605 per month; and 208 two-bedroom units with 780 sf to 828 sf and fetching $675 to $705 monthly. Occupancy was in the low 90% range at closing.

Aspen Square's two remaining properties in its metro portfolio are Dobson Springs in Mesa and Canyon Springs in Phoenix, both of which are in escrow. "I think they feel like it's a good time to be selling right now and they're getting some premium pricing," says Todd Braun, senior director with Cushman & Wakefield Southwest Apartment Group in Phoenix. Braun, along with Jim Crews and Brett Polachek, also of C&W, brokered the all-cash transaction for both parties.

Braun tells GlobeSt.com that, during the 30 days in which the property was on the market, Aspen received about 10 offers. The Chicago company was selected as the buyer because "we felt that, from a transaction risk standpoint, we felt comfortable with this entity taking the project to a close," Braun says. LaSalle Residential, he adds, is looking for further multifamily product in the Phoenix area.