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PHOENIX-SNK Realty Group, a real estate operating and development company with offices throughout the Southwest, has sold the 576-unit Andante Apartments to JPMorgan Real Estate for $58.76 million.

The sale of the class A complex at 15801 S. 48th St. represents the last product that the merchant builder had available in the metro area. But according to Hal Watson, CEO of SNK Realty Group, he's not through with Phoenix by a long shot. "We're looking at opportunities to buy land every week, but haven't pulled the trigger on any property recently," Watson tells GlobeSt.com.

Tyler Anderson, executive vice president with CB Richard Ellis Inc.'s Phoenix office, says the Andante property wasn't officially listed, but "we marketed it around for about 30 days and had a number of offers." He says the New York City-based JPMorgan Real Estate offered a rapid closing and the most competitive price on the property.