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TUCSON-In its second closing in as many weeks, HSL Properties has sold the St. John’s Palms, a 368-unit complex for $24 million.

The complex, situated on a little more than 17 acres at 2255 W. Orange Grove Rd., was acquired by the Prime Group of San Francisco. The Tucson-based HSL Properties just recently sold its 240-unit Boulder Canyon Apartments in Oro Valley.

While Boulder Canyon is undergoing conversion to condominiums, the story is different for St. John’s Palms. “This is just an investment for the buyer and no conversions are planned,” says Tyler Anderson, executive vice president in Phoenix for CB Richard Ellis Inc.

Anderson tells GlobeSt.com that St. John’s Palms reeled in 12 offers during a one-month stint on the market. He says Prime Group was chosen for its competitive offer and strong track record in apartment management.

St. John’s Palms, built in 1986, was 92% when the deal closed. The 23 two-story buildings consist of 127 one-bedroom designs, each 633 sf; 238 two-bedroom units, ranging from 929 sf to 1,043 sf; and a trio of three-bedroom units, each 1,042 sf. One-bedroom units rent for $550 per month; two-bedrooms, $655 to $735; and three-bedrooms, $860.

The new owner, Anderson says, isn’t planning any major renovations for the complex at this time. Anderson teamed with CBRE’s Sean Cunningham in Phoenix and Mike Sandahl, with CBRE in Tucson, to represent the seller. The buyer used in-house representatives to negotiate the deal.

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