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PHOENIX-Fairfield Residential LLC has added to its growing Phoenix portfolio, paying $28.4 million for the 248-unit Pinnacle at Shadow Mountain. San Diego-based Fairfield Residential, which will keep the property as a rental, plans to spend about $8,000 per unit to upgrade the class A complex.

Tyler Anderson, vice chairman in CB Richard Ellis’ Phoenix office, says Evergreen Realty Group of Pasadena, CA owned the 1992-constructed complex at 3033 E. Thunderbird Rd. for several years, but decided to sell due to the favorable market conditions.

Anderson says the northeast submarket is a preferred one for many investors. As a result, he says the seller “made a good buy on this and made a nice profit on the sale.” He teamed with CBRE vice chairman Sean Cunningham on the all-cash sale, inking the hand-off at a 5.25% cap rate.

Anderson tells GlobeSt.com that the 93%-leased, class A development attracted nine offers during its near two-month marketing period. Fairfield’s reputation and market strength were the decision-breakers. “The seller liked Fairfield’s ability to perform and liked that they had a good understanding of what to do with the building,” he adds. Earlier this week, Fairfield Residential paid $30 million for a Scottsdale deed.Fairfield has changed the gated complex’s name to Crestone at Shadow Mountain. Its buildings feature one-, two- and three-bedroom apartments ranging from 750 sf to 1,350 sf. Monthly rents start at $709 and top out at $1,030.

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