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 Acomplex at 21220 N. 23rd Ave. "He made a strong offer and had theperseverance to go through the process," says Forrester, whorepresented the seller, Villas at Lone Cactus LLC from nearbyScottsdale.

The class A complex came to market in late spring 2007.Forrester tells GlobeSt.com that the seller had planned all alongto dispose of the asset after it was completed. The 90%-leasedcomplex went under contract and into escrow just as the creditmarkets crumbled. "He couldn't get the financing so we reintroducedit in the summer," Forrester explains.

Promenade Landing placed its bid last fall, but the holidays andlending markets pushed the closing date well beyond the first ofthe year. Greystar Management's Phoenix office is managing thecomplex.