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PHOENIX-The per-unit price was the highest paid for a Phoenix apartment property in two years, but that didn’t matter to a California-based investment group which forked over $9.9 million to take title to the 80-unit Andover Square.

The private investment group, AMR Properties LLC, beat out several other investors, including some whose offers topped the closing price, to take ownership of the 4343 N. 21st St. complex from Andover Square LLC, an entity formed by the property’s locally based developer, Gray Development Group. The seller’s confidence in the California group’s ability to close won the deed, explains Steven Nicoluzakis with Grubb & Ellis/BRE Commercial.

“It’s a triple A property in a triple A location,” Nicoluzakis tells GlobeSt.com of a mix with two-story townhouses, single-level apartments and lofts, all with direct garage access, set in the city’s popular Camelback Corridor. The complex’s per unit price was the highest paid this year and the second highest paid by an investor for an apartment property in the city in the last three years, Nicoluzakis says.

At more than $127,000 per unit, the unit price was just $11,000 shy of the more than $138,000 per unit paid for the Meridian on the Biltmore apartments at 5104 N. 32nd St. Starpoint Properties of Scottsdale shelled out $30.5 million in 2001 to the Frankel Family Trust of Anaheim, CA for that property. Starpoint Properties later converted the four-story buildings into for-sale condominium units. Nicoluzakis says Andover Square’s new owners plan to maintain the property, which is 95% occupied, as apartments.

Nicoluzakis along with David Fogler, also with Grubb & Ellis/BRE Commercial represented the seller in the Andover Square transaction. The buyer was represented by Jay Rahimi with First USA Realty of Phoenix.

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