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PHOENIX-Just a week after hitting the market, the Sandpainter Apartments, an eight-building, 116-unit complex that is 91% occupied, has found a new owner.

Sandpainter Apartments LLC of Phoenix grabbed the 222 W. Indian School Rd. complex with a $4-million offer to seller, HDW Phoenix Academy LLC of New York City. “The moment I opened it up (for sale) it was gone,” Julie Vaughn, with Sperry Van Ness’ Phoenix office tells GlobeSt.com of the quick sale, which allowed the new owner to satisfy a 1031 Exchange.

Vaughn, who represented both the seller and buyer in the transaction, said the frame and stucco property, located within easy reach of downtown Phoenix, Interstate 17 and shopping, entertainment and recreational venues, was in pristine shape with amenities that include a heated swimming pool, barbecue area, laundry facilities and other recreational facilities.

“The buyer liked the fact that there was very little deferred maintenance and that the occupancy was high,” Vaughn said. “It’s in very good shape with very low density and a lot of grass. It’s an excellent place for working-class tenants.”

Vaughn said the complex, built in 1979 and comprised of studio, and one- and two-bedroom apartments with monthly rents ranging from $380 to $610, has historically maintained high occupancy levels, giving the buyer an added incentive to seal the deal. “The occupancy of this property has always been very high and (the buyer) had to do very little in concessions,” she noted. “He knew the property was stable and could survive downturns in the economy very well. It’s a good bread-and-butter deal that will cash flow very nicely.

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