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PHOENIX-Hamilton Zanze & Co., an investment company based in California, has purchased the Ridge, a 380-unit, class B-plus apartment complex, for $23.75 million in an off-market deal. The San Diego seller realized a $5.9-million gain from a two-year hold.

Located at 15202 N. 40th St., the Ridge, built in 1987, sits on 13.11 acres. The complex’s 16 buildings have 44 studios, 528 sf renting for $457 to $499 a month; 168 one-bedroom units, 557 sf going for $504 to $524; and 168 two-bedroom apartments, averaging 962 sf with a $641 to $719 per month rate.

Occupancy at the time of closing was between 94% and 96%, according to Cindy Cooke, senior vice president of Colliers International Inc. While some renovation is likely to the property, Cooke believes nothing major will be done. “We had a relationship with both the buyer and seller and felt that this B-plus property would fit the buyer’s requirements,” adds Cooke, who teamed with Colliers’ Bret Zinn to negotiate the sale for Gaines Investment Trust.

Cooke says the reason the transaction worked well was because the San Francisco-based buyer was searching for good investment opportunities plus “the seller has been trying to focus mainly on Scottsdale properties.”

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