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PHOENIX-After eight months on the market, the Pinnacle at Shadow Mountain has found a buyer in a California investment firm that put down $17.4 million for the 248-unit luxury apartment community.

Bert Kempfert of CB Richard Ellis Inc.’s Phoenix office, tells GlobeSt.com that it is the second property purchased by PP Apartments Acquisitions in Arizona within the last three months. In August, the Pasadena, CA limited liability company took over ownership of the Indigo Springs apartments in Mesa.

Kempfert said the firm’s latest acquisition, located at 3303 E. Thunderbird Rd. just west of the Squaw Peak Freeway, contains 250,000 sf of one-, two- and three-bedroom apartments in a luxury setting with amenities such as a clubhouse, two swimming pools and tennis and volleyball courts. The complex, which backs up to a mountain preserve, was built in 1992.

The apartments, which are 95% filled, rent for an average of $825 per month. “It’s just a great property in a really good location,” Kempfert said.

Seller RREEF Funds Inc. of San Francisco, the largest pension fund adviser in the world, placed the property on the market about eight months ago, said Kempfert, who represented the seller. Mark Forrester of Hendricks & Partners in Phoenix represented the buyer in the transaction.

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