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PHOENIX-In one of the biggest apartment sales of the year, a California-based real estate investment company has purchased an apartment complex for $33.3 million in the fast-growing suburb of Chandler.

Nevins/Adams Properties Inc. purchased the Towne Square Apartments, a 584-unit, garden-style apartment complex in Chandler at 500 N. Metro Blvd. The complex consists of 45, two-story buildings, four swimming pools, five spas, a clubhouse and fitness facility. The complex was built first in 1987 and later expanded in 1995.

The sale price equates to more than $57,000 per unit.

Chicago-based Equity Residential was the seller of the complex.

Chandler has been one of the Valley’s fastest growing suburbs during the past five years. Residents are attracted to the area for the host of high-tech jobs that have been created there by such companies as Intel, Space Data, Avnet and others.

Santa Barbara-based Nevins/Adams plans to spend another $750,000 on renovation projects and expansion plans starting in the first quarter of next year.

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