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PHOENIX-The 168-unit Southern Sun complex in Northwest Phoenix has sold to a California investor for $13.2 million, a high-interest property primarily due to its size.

On the market about three months, the two-year-old complex at 4045 W. Bell Rd. generated high interest for location as well as size. “Most of the newer buildings that are built are 200 to 400 units. … People like owning new buildings, but there’s not a lot of those smaller properties available,” Mark Forrester of Hendricks & Partners in Phoenix tells GlobeSt.com.

RK Multifamily Income Fund XV LLC of Long Beach, CA, purchased the class A asset from its developer, Southern Sun Apartments LLC of Scottsdale, which had it on the market for close to $13.3 million. Forrester, who negotiated the 7.9-acre land sale for the development in 2002, says the buyer’s interest in investing in the Phoenix market and a price competitive with the ask helped to win the seller’s nod. The buyer was self-represented in the transaction.

The 92%-leased Southern Sun is a combination of one-, two- and three-bedroom units. Rents average about $850 per month. Like many multifamily offerings around Phoenix, the complex is running concessions like free rent for a month on a one-year lease. But, Forrester says, the concessions will dissipate as the local market improves.

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