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MESA, AZ-An investment partnership from Camarillo, CA has spent a portion of 1031 exchange funds on Sunridge, a 304-unit, class B complex in the East Valley. Bahia Associates LLC and Park Center Exchange Inc. acquired the holding for $16.1 million from the Utah State Retirement Investment Fund.

“The complex is in very good shape,” says Mark Forrester, a partner with Hendricks & Partners’ Phoenix office. “It is more of a market play than a value-added play, but the new owners do hope to lower expenses.” The 14.3-acre development at 1666 S. Extension Rd. was 93% leased at closing. “It’s very well located with access to the Superstition Freeway,” he points out.

Forrester tells GlobeSt.com that Sunridge received 15 offers, but it sat on the market seven or eight months because the seller didn’t consider any to be satisfactory. Bahia Associates and Park Center Exchange made the best offer, he says.

Built in 1981, the recently renovated Sunridge is a garden-style design with courtyards and “nice size units,” Forrester says. The 50-50 mix of one- and two-bedroom units run from 650 sf to 970 sf. Monthly rents range from $564 to $684.

According to Forrester, Bahia Associates and Park Center Exchange, which owns one multifamily property in Northern Arizona, have another complex under contract in Mesa. Forrester partnered with Bob Bruno and Kent Nelson of Hendricks & Partners’ Salt Lake City office to broker the deal.

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