GLENDALE, AZ-Following a second listing on the market this year, the 270-unit Rancho Santa Fe has collected the full $13.5-million list from a private investor in Encino, CA, who was satisfying a 1031 exchange.

The Philadelphia-based Berwind Property Group listed Rancho Santa Fe, situated on 10.9 acres at 10201 N. 44th Dr., at the year's start, pulled it and then brought it back under the watch of Sperry Van Ness. "They approached us, we talked to them about our marketing plan, put a $13.5-million price tag on it and put it back out there," says Kevin Rille, senior adviser with Sperry Van Ness' Phoenix office. He tells GlobeSt.com that within the first 10 days of the second marketing period, the seller received three full-price offers.

"The buyer had the financial strength, the money and was most motivated to close," Rille says, adding Rancho Santa Fe is the buyer's first in the region. "He also had a strong relationship with the lender."

The transaction represents Berwind's exit from the Phoenix multifamily market. "They'd bought this as part of a portfolio, had assumed some unfavorable financing and had to hang onto it until the pre-payment penalties burned off," says Rille, who teamed with Sperry Van Ness' Bill Hahn to sell the complex.

According to Rille, the new owner will invest another $500,000 into improving the 20-year-old, 30-building development. "I think he'll be busy trying to get his hands around this one. I don't know if he'll seek out another immediately," he says. The buyer was represented by Norm Fox with Dan Schwartz Realty in Phoenix.

The 95%-leased Rancho Santa Fe is a class B mix of 30 studios, with 450 sf each; 120 one-bedroom apartments, measuring 640 sf to 690 sf; and 120 two-bedroom units, ranging from 790 sf to 950 sf. Rents go from $460 to $745 per month.