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PHOENIX-Fifteen years after it bought the 135-unit Papago Vista Apartments for about $2 million, Papago Vista Apartments LLC of Phoenix has sold it for $9.4 million at a 6% cap rate.

Russell and Marcia Bill of Southern California, first-time Phoenix buyers, beat out multiple offers during the four-month marketing period to win the nod for the 95%-occupied complex at 5312 E. Taylor St. “The buyers were in an exchange and could move quickly on this deal,” says Dave Fogler, senior vice president with Grubb & Ellis

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