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PHOENIX-A strong location near the Metrocenter Mall and the Interstate 17 employment corridor helped bring the full $11.1 million asking price for a 332-unit apartment complex in a quick closing deal for a California buyer.

UK Capital, a 1031 Exchange buyer from San Diego, picked up the Sierra Pines apartment complex just 30 days after it went on the market, paying the full asking price for the 90%-occupied complex at 9410 North 31st Ave. in Phoenix. “It was in pristine condition,” Mark Forrester in the Phoenix office of Hendricks & Partners tells GlobeSt.com of a property, which sits on a ring road for one of the largest regional malls in the Valley. “He got a good buy, but we got the price we were asking.”

CTA Venture 1 LP of Dublin, OH, which sold the 1983-vintage apartment community, will use the proceeds to invest in other Valley complexes, says Forrester, who negotiated the transaction.

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