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SANTA FE-A 285-unit apartment complex that was constructed under the Section 42 Tax Credit program in the late 1980s has been sold for about $7.9 million to a Scottsdale, AZ-based investment firm.

The San Raphael apartments, located at 1469 Zepol Rd., were built as rent-controlled units that will revert back to market rate in January 2003 and 2004, broker Robert Sheppard with Marcus & Millichap’s Seattle office tells GlobeSt.com.

Sheppard said he could not disclose the buyer of the 161,980-sf property, but he described the firm as a regional investment partnership that owns properties in Washington, Arizona, Oklahoma, Florida and Texas. “They are planning some minor cosmetic renovations and will increase rents, which presently average about $485 per unit, by about $40 per unit,” Sheppard said.

Seller LNR Property Co. has owned the property since it was constructed in 1987 and 1988 under a federal tax credit program designed to provide affordable housing to low income families.

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