(To read more on the multifamily market, click here.)

MESA, AZ-In a strategic move to diversify his holdings,Chicago-based condo converter and developer Tony Lamonia hasacquired his first income-for-rent property in the metro. Lamonia,who heads Oculus Development LLC, has paid $11.1 million for the222-unit Stonegate Apartments.

"With the slowing condo market, they've diversified into rentalproperties," explains Brad Goff, principal with Apartment RealtyAdvisors' Phoenix office. Goff represented the seller of 825 S.Alma School Rd., Orion Residential LLC of Phoenix.

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