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PHOENIX-Less than three years after construction, a Phoenix developer has turned over ownership of a 131-unit, class A multifamily development to a Pasadena, CA-based partnership in a $12.6-million transaction that gives the new owner a prime rental property with nearly 90% occupancy.

Central Avenue Apartments LP sold the multi-building Lexington on Central at 10 West Minnezona Ave. to Lexington on Central Acquisitions LLC in a deal that Hendricks & Partners broker Mark Forrester tells GlobeSt.com was a prime opportunity for the new investors. “It’s a dynamic location and a high-quality building,” Forrester said of the property, located near both the Central Avenue and Camelback corridors, each with high employment and shopping opportunities. “It’s a pretty solid opportunity.”

Aside from a prime location and the size of its apartments, which average more than 1,000 sf, the complex has a swimming pool, spa, exercise facilities and, as an added bonus, 53 attached garages with separate access to individual units.

Forrester said the property, with monthly rents that average about $1,000 per unit, is positioned to take advantage of future light-rail access which is planned to be completed along Central Avenue by 2006. “It’s going to make a big change to our market here,” Forrester said of the light-rail access, which will link downtown Phoenix to Bank One Ballpark, Arizona State University and the East Valley. “It’s going to make a big change in the city.”

Forrester represented the buyer in the transaction. The seller’s broker was Brad Goff with Insignia/ESG’s Phoenix office.

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