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CHANDLER, AZ-Within weeks of disposing of 330-unit Joshua Tree Apartments, condominium converter SunVest Communities LLC has sold the 272-unit Laguna Villas. At $38.5 million or $141,544 per unit, the sale sets a new benchmark for 1990s-era properties.

Located at 4800 S. Alma School Rd., Laguna Villas was acquired by the Hallandale, FL-based SunVest in January 2006 for $35.9 million. SunVest had invested money in the property with an eye toward conversion, but slower condo sales drove the property’s return to the market, according to a press release about the transaction. The new owner is Del Rey Property Group LLC of Marina Del Rey, CA and Valle West Tennis Club Apartments Inc. from San Diego.

The 15-building Laguna Villas is situated on 17 acres. Built in 1999, the class A complex underwent extensive renovations during 2006. The unit mix is made up of one, two and three bedrooms, ranging from 756 sf to 1,160 sf. The monthly rents are $749 to $1,043.

Apartment Realty Advisors principal Brad Goff and vice president Bret Zinn weren’t available for comment by press time. However, the condominium market has slowed considerably. In addition, demand for rentals remains strong due to the City of Chandler’s limited multifamily development and high single-family home prices. Chandler, in particular, is enjoying accelerated growth, having doubled in population since 1990.

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