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PHOENIX–A San Diego-based developer has purchased an apartment complex in north Phoenix for $25 million, or nearly $45,000 per unit.

Fairfield Residential purchased the 40th North Apartments, a 30-year-old complex at the corner of 40th Street and Camelback Road. The 556-unit complex was sold by AIMCO, the nation’s largest owner/manager of apartments. AIMCO purchased the complex in 1994 for $14 million.

“This community has always been a favorite of multifamily residents in the Central Phoenix area,” says Patrick Slavin of Hendricks & Partners, who represented AIMCO in the marketing and sale of the complex. “We expect the renovation will ignite the re-birth of this community as one of the most desirable multifamily residences in the area.”

Fairfield Residential plans to spend more than $11 million, or $20,000 a unit, on a major renovation on the property. Plans call for expanding and refurbishing the existing pool and recreation areas, adding a second pool with cabana, a state-of-the-art fitness center and resident computer center. The apartments themselves will be renovated with new carpet, cabinets, flooring, lighting and appliances. Work is set to begin before year-end.

When developed in 1970, the complex was the largest apartment community in the state. In the past five years, Fairfield has purchased and renovated nearly 14,000 apartment units in complexes throughout the country. The company said it looking for other apartment communities along the Camelback Corridor.

The Phoenix office of Hendricks & Partners also represented the buyer.

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