(Read more on the multifamily market.)

PHOENIX-Following an $8.2-million renovation, Real EstatePartners Inc. of Irvine, CA has handed off the class B SaratogaRidge Apartments to Greystar Real Estate Partners LLC. TheCharleston, SC-based buyer has paid $70.2 million for a91%-occupied asset in North Phoenix.

CB Richard Ellis vice chairman Tyler Anderson says the dealstill represents a value-add play for the buyer although the sellerhad invested a good chunk of capital and time into renovating thecomplex at 1450 E. Bell Rd. in the past three years. "There's somevalue-add play on this that could pay off in the end. There aresome remaining things that could help the value that much more,"says Anderson, who teamed with CBRE vice chairman Sean Cunninghamand first vice president Jack Hannum to represent the seller.Greystar, which had in-house representation, stands to gain someimmediate value-add through management.