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PHOENIX-Going against its typical MO of medium- to long-term holds, the Geneva Organization has sold the 224-unit Adobe Ridge Apartments for $32 million to a local 1031 exchange investor. A year ago, the Minneapolis-based group had spent $29.5 million to secure the deed.

“We were anticipating a five- to 10-year hold period when we bought it last year. This was a brand-new asset and we’d just bought it from the developer,” says Garrett Farmer, Geneva’s vice president of acquisitions for the real estate wealth management firm. “But, this leased up a lot quicker than we’d anticipated, with few concessions given.” The market conditions, especially a dearth of rental multifamily product, also helped to spur the sale, he tells GlobeSt.com. The 17.24-acre complex at 4545 W. Beardsley Rd. was built in 2005 by MLP Investments LLC of St. Louis.

The 100%-leased Adobe Ridge has a mix of one-, two- and three-bedroom units ranging from 745 sf to 1,350 sf. The monthly rent is $800 to $1,055. Hendricks & Partners’ Phoenix office brokered both sides of the transaction.

Adobe Ridge was Geneva’s last holding in the region. In recent months, it also sold a senior living facility in Prescott. But, Farmer says, the company is interested in future investments in the region, but possibly through a joint venture arrangement.

“It’s hard to stay on top of that market because it moves fast,” Farmer says. “We’re looking for a direct source, a partner that can develop assets we can then take down.” He says Geneva isn’t picky about the type of product, but believes industrial and office assets most likely would better suit its needs in the market.

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