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PHOENIX-A two-year-old luxury apartment complex brought multiple offers when the 170-unit property was put on the market about two months ago, but it was a $14.3-million bid–$200,000 below the asking price–that finally sealed the fate of Ventura Vista.

The 18660 N. Cave Creek Rd. complex, a luxurious mix of one- to three-bedroom apartments set in the fast-growing northwest Valley with panoramic mountain views, went to Ventura Vista Associates, a limited liability corporation from Seattle, WA, which offered the highest price to owner Ventura Vista Investors LLC of Scottsdale, an affiliate of the PB Bell Cos.

“There was a lot of activity on this property. It’s a very special building,” Bob Bruno of Phoenix-based Hendricks & Partners, who handled the transaction for the buyer along with partner Mark Forrester, tells GlobeSt.com. The seller in the deal was self-represented.

Bruno said interest in the two-story gated community was intense because of its well-designed floor plans, quality construction and prime location near Loop 101, Desert Ridge Mall and the Desert Ridge master-planned community with its nearby golf courses.

The fact that the 170 garden-style units were more than 90% leased also piqued buyers’ interest, he said. The complex, located near Union Hills and Cave Creek Roads, features nine-foot ceilings, individual laundry and garages along with amenities that include a swimming pool and clubhouse with a business and conference center.

PB Bell Cos. also owns and manages more than 30 large luxury communities in Arizona, including the Townhomes at Biltmore in Phoenix, Southpointe in Ahwatukee and Scottsdale Villas in Scottsdale.

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