Fairfield Residential purchased the 40th North Apartments, a30-year-old complex at the corner of 40th Street and CamelbackRoad. The 556-unit complex was sold by AIMCO, the nation's largestowner/manager of apartments. AIMCO purchased the complex in 1994for $14 million.

"This community has always been a favorite of multifamilyresidents in the Central Phoenix area," says Patrick Slavin ofHendricks & Partners, who represented AIMCO in the marketingand sale of the complex. "We expect the renovation will ignite there-birth of this community as one of the most desirable multifamilyresidences 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 callfor expanding and refurbishing the existing pool and recreationareas, adding a second pool with cabana, a state-of-the-art fitnesscenter and resident computer center. The apartments themselves willbe renovated with new carpet, cabinets, flooring, lighting andappliances. Work is set to begin before year-end.