PHOENIX-A Tustin, CA-based buyer has closed on the 96-unit Villas at Lone Cactus six months after it fell out of escrow with another buyer. The winning bidder has paid $9.6 million for the four-year-old complex.

The acquisition is Promenade Landing LP’s first in the area. Mark Forrester, a partner of Phoenix-based Hendricks & Partners, says the buyer beat nine other offers for the class A complex at 21220 N. 23rd Ave. “He made a strong offer and had the perseverance to go through the process,” says Forrester, who represented the seller, Villas at Lone Cactus LLC from nearby Scottsdale.

The class A complex came to market in late spring 2007. Forrester tells that the seller had planned all along to dispose of the asset after it was completed. The 90%-leased complex went under contract and into escrow just as the credit markets crumbled. “He couldn’t get the financing so we reintroduced it in the summer,” Forrester explains.

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