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TEMPE, AZ-After a long-time absence from the market, Monarch Group has re-entered the area with the acquisition of the 270-unit Greenwood Village. The Southern California group has spent $29.7 million and plans to invest $8,000 to $12,000 per unit into upgrades and developing an additional 26 units.

According to Hendricks & Partners partner Bob Bruno, PM Greenwood LLC, Margo Capri LLC and Patrick Tortora of Scottsdale, AZ had owned the class B complex at 4505 S. Hardy Dr. for two years. “They made a good buy. The market took off so they decided to sell it,” Bruno tells GlobeSt.com. The partnership also is selling the 336-unit Rio Santa Fe Apartments at 13015 W. Rancho Santa Fe Blvd. in Avondale, AZ, which has been listed for $43.67 million.

Bruno says Monarch Group is back in the market and looking for local investment opportunities although there is nothing under contract right now. The La Jolla, CA-based buyer beat 11 qualified offers with its price, terms, company reputation and ability to move quickly, he says. “The property attracted substantial interest because of its infill location,” says Bruno, who teams with Hendricks & Partners’ colleague Mark Forrester.

Situated on 16.24 acres, Greenwood Village Apartments has studio units and one- and two-bedroom apartments. The 23-year-old complex’s monthly rental rates range from $575 to $800. PB Bell & Associates Inc. of Phoenix is taking over management from the seller.

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