(Read more on the multifamily market.)

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TEMPE, AZ-The 466-unit Rio Salado, part of a 2,434-unit portfoliobrought to market in June, has been sold to JPMorgan Chase &Co. for $84.7 million. In turn, Trillium Residential LLC has pulledthe remaining high-end assets, many unfinished, off the market.

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Tyler Anderson, vice chairman for CB Richard Ellis in Phoenix,says there were pre-sale offers for the other complexes as well asRio Salado at 1033 N. Parkside Dr. "Due to the capital markets, itreally impacted the pricing negatively on the other projects," hetells GlobeSt.com. "The market has changed to a more fundamentalone, which is demanding stabilized properties." As a result, theTempe-based developer plans to sell the remaining assets asone-offs as they come on line and are stabilized.

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Anderson says the 96%-leased Rio Salado is a core asset and astable one that generated many offers. JPMorgan Chase's strength inclosing deals was the dealmaker for the seller, says Anderson, whopartnered on the sale with CBRE vice chairman Sean Cunningham andfirst vice president Jack Hannum.

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Anderson says the Rio Salado sale, at $182,000 per unit, is notthe highest the market has seen in recent years. "We've had anumber of buildings trading here at $200,000 per unit in the past,"he says. "But given the market conditions, this could be thehigh-water mark for this year."

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Completed in 2006, Rio Salado has a mix of studio units as wellas one-, two- and three-bedroom apartments measuring from 849 sf to1,273 sf. Monthly rents go from $1,002 to $1,723. Sares-Regis Groupin Irvine, CA will lease and manage the complex for the New YorkCity-based buyer.

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