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PHOENIX-California-based FSF Country Knoll Associates of Larkspur has realized $5.8 million in the sale of it 29-year-old multifamily holding in Phoenix.

Investor Ed Klugman of Phoenix put up nearly $35,000 per unit for the Phoenician Palms Apartments, a 166-unit complex at 3421 W. Dunlap Rd. Klugman’s investment partnership plans to make significant renovations to the complex and agreed to assume existing financing, according to parties involved in the deal. The Phoenix office of CB Richard Ellis, with brokers Todd Braun, Bert Kempfert and Paul Gross, negotiated the sale of the property.

The complex abuts Cortex Park, which includes a sizeable lake, Metrocenter, one of the largest malls in the Valley and the Rose Mofford Sports Complex. Glendale Community College, Western International University, Arizona State University West campus, Ottawa University and The American Graduate School of International Management are all within five miles of the complex location.

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