GLENDALE, AZ-An investor from Hacienda Heights, CA, has made hissecond investment in the market, buying Sagewood Apartments for$7.9 million.

The buyer, doing business as H.M.G. Properties LLC, acquired the176-unit, class B community from a joint venture comprised ofSendera Investment Group of Austin, TX, and AEW Capital Managementof Boston, MA. The JV acquired Sagewood Apartments in 2005 for $9.4million.

H.M.G. Properties beat out 15 other investors to take possessionof Sagewood Apartments, which is located in the northwest submarketat 15082 N. 59th Ave. “This was a fairly sought after propertybecause of location,” notes Alon Shnitzer, a vice president ofinvestments with Marcus & Millichap’s Phoenix office. “At thetime it went into escrow, there weren’t many B properties availablein the Phoenix markets. If you were looking in that niche, Sagewoodwas pretty much the only complex on the market.”