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(Read more on the multifamily market.)

PHOENIX-A private investor from Mesa has picked up a second multifamily property on the city’s north side, paying $17.5 million for the 437-unit Desert Star Apartments. The class B asset is the seller’s last one in the city.

“We represented the buyer and approached the seller to tell him the buyer was interested in acquiring the property. And, we were able to agree on price,” says David Fogler, senior vice president with Grubb & Ellis

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