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MESA, AZ-A family trust from San Diego has spent $27.6 million in an off-market pickup of the 340-unit Sienna at Riverview. With the sale, Apogee Apartments LP of Huntington Beach, CA is exiting the market.

The buyer got a 95%-leased asset at 711 N. Evergreen Rd., developed in the 1990s by San Diego-based Fairfield Residential LLC. “The Phoenix market has been going through a tough time and some owners just aren’t willing to wait it out,” Don Smith, president of DM Smith Co. LLC of Orange, CA, explains to GlobeSt.com about Apogee’s market exit.

Smith says he was contacted by the buyer’s broker, Marc Huisken with Grubb & Ellis

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