MESA, AZ-Following a three-year hold and $1-million rehabilitation, a California investment group has sold the 320-unit Fiesta Park Apartments for $15.56 million.

The limited liability company from Rancho Santa Fe turned over a repositioned property with a 96% occupancy to Eagle Investments LLC of Downey, CA. Three years ago, occupancy was 60% at the 1033 S. Longmore St. complex.

Julie Vaughn, vice president of Sperry Van Ness' Paradise Valley office, tells GlobeSt.com that the seller had paid $10.1 million in 2002 for Fiesta Park. "The seller had bought it at a reasonable price, but the property was more than half vacant and the units in horrible shape," she says. The seller, she adds, worked hard to improve the asset, resulting in more rentals.

Vaughn says the listing picked up several offers during its three months on the market. "The seller was very definite on his price," she says, "and it was up to us to make sure it was met." She says the winning offer was just slightly below the asking price.

Fiesta Park, a 10-building complex sitting on 8.8 acres, has 232 one-bedroom units and 88 two-bedroom apartments. Units are 624 sf and 936 sf; rents run $530 and $735 per month. According to Vaughn, the new owner intends to keep the 26-year-old Fiesta Park as a rental property.

Vaughn says the seller doesn't have any more properties in the area at this time. "He might want to buy more," she adds. "He's interested in finding distressed properties and improve them."

Vaughn teamed with Sperry Van Ness broker Kevin Hanford to handle the sale. Jaime Naranjo of Century 21 Jervis & Associates in Downey represented the buyer.