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GLENDALE, AZ-Massachusetts-based Arizona Maryland Meadows LP has exited the Valley’s multifamily property market with the $16.8-million sale of the class B, 364-unit Sienna Park Village Apartments to Bellevue Properties Inc. of Phoenix.

Located at 6444 N. 67th Ave. and sitting on just under 14 acres, the 95%-occupied property, which listed for $17.5 million, was on the market 45 days, receiving more than 10 offers before Bellevue was selected as the buyer, says David Fogler, senior vice president with Grubb & Ellis/BRE Commercial LLC’s Phoenix office. “The buyers already own a property not too far from this one so they’re familiar with the submarket,” he says. Fogler and colleague Steve Nicoluzakis represented both parties in the transaction.

Not only were the buyers familiar with the asset, but they’d bought multifamily properties from the same developer in the past. “Plus they were coming out of a 1031 exchange so they had the equity,” Fogler tells GlobeSt.com. “They were familiar to us. We knew they were good performers.” He says the buyer is looking for more property, but nothing is in the works at this time.

As for the seller, Fogler says “they felt it was an opportune time to sell these particular assets. By completing this sale, they’ll be out of Phoenix.”

Sienna Park Village, built in 1987, features 192 one-bedroom units at 583 sf, with an average monthly rent of $469; and 172 two-bedroom apartments, ranging from 834 sf to 882 sf, renting for $594 to $639 per month. Fogler says the buyer is planning to do some rehab of the property, but overall, it’s in good condition.

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