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MESA, AZ-Planning to collect 2,000 units in Arizona during 2007, S-J Management LLC has closed on its first acquisition this year, paying $46.85 million for Sienna at Riverview in an off-market deal. The 340-unit class A complex was bought from Bassham Trust, its second pass to the Seattle-based buyer in the past six months.

Michael Sauter, CEO of S-J Management, tells GlobeSt.com that he is planning to put $700,000 into renovating the 98%-leased complex at 711 N. Evergreen Rd. The improvements include exteriors, clubhouse and landscaping.

“He really liked the location of Sienna. There’s a lot of development taking place nearby. It’s close to the intersection of 101 and 202, and there’s easy access to Tempe, Downtown Phoenix and Chandler,” says David Fogler, senior vice president for Phoenix-based Grubb & Ellis

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