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AVONDALE, AZ-A 408-unit luxury apartment complex located near the junctions of Interstates 10 and 101 has been sold for $30.5 million to an investment firm that holds a large multifamily portfolio in the Phoenix metropolitan area.

Private Portfolio Group LLC of Seattle won ownership of the 90%-occupied Aventura apartments, located at 10350 W. McDowell Rd., three months after seller Fairfield Avondale LP of San Diego, CA placed the property on the market. “It’s a great property and a very strategic location, accessible to everywhere because of those freeways,” Mark Forrester, associate partner of Phoenix’s Hendricks & Partners, tells GlobeSt.com. “It’s got everything you look for in a new property.”

Built in 1999, the three-story, class A complex features one-, two- and three-bedroom units. The average unit size is about 903 sf. Amenities include two swimming pools, a workout room, clubhouse, business and conference center and 80 detached garages.

Forrester said the property’s prime location near the interchange made it an appealing investment for the new owners. “That corridor is exploding with new growth. It’s probably one of the stronger markets in metropolitan Phoenix,” he said.

The complex is located adjacent to Gateway Pavilions, a major retail center with more than 600,000 sf, including a new Harkins Multiplex Theater, all set to open next year and is amid one of the fastest-growing housing markets in the Valley.

Buyer Private Portfolio Group LLC recently acquired several other high-end apartment communities in the area, including the Pillars at Scottsdale, San Mateo and Sonoran Vistas, all in Scottsdale, along with San Paolo in Phoenix and Arrowhead Summit and the Springs at Arrowhead Summit in Arrowhead.

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