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SCOTTSDALE, AZ-A Tucson-based investment group has beaten out more than 20 other prospective buyers with an above-list offer of $28.1 million for the Cortesian, a 332-unit, class B complex with a prestigious Camelback Road address. The 34-year-old complex was listed at $26.5 million.

Camelback Silo LLC purchased the 7749 E. Camelback Rd. property from San Diego-based Fairfield Residential LLC. The buyer made the best offer for the property, Mark Forrester, a partner with Hendricks & Partners’ Phoenix office, tells GlobeSt.com. He and Bob Bruno brokered the transaction.

“Scottsdale properties create a lot of interest,” Forrester says. “This is a unique property because of its A location just east of Fashion Square Mall.”

Built in 1971, the 13-acre Cortesian underwent a $4-million renovation from 2000 to 2003. The 39 two-story buildings have 144 one-bedroom units, ranging from 716 sf to 772 sf, and 188 two-bedroom apartments with 787 sf to 1,068 sf. Monthly rents range from $780 to $1,155. The complex is about 95% occupied.

Industry experts are speculating Camelback Silo will convert the Cortesian into condos as the locally based Continental Group is doing with its $23.2-million acquisition, the 220-unit Rancho Antigua, another class B property that sold last month. The Cortesian actually is one of the few class B rental properties left in Scottsdale, where condo prices are bringing $120,000 to $300,000 per unit.

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