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SCOTTSDALE, AZ-An active player in the Phoenix market has beat 16 offers to claim ownership of the 412-unit Pillar at Desert View. Colony Capital LLC has paid $58.56 million for the asset, winning it on the basis of due diligence and familiarity with the product and area.

Tyler Anderson, vice chairman with CB Richard Ellis’ Phoenix office, says Seattle-based Private Portfolio Group LLC received offers mainly from fund advisers and REITs. Anderson, who represented the seller, says Colony Capital LLC ended up with the 93%-leased asset at 17030 N. 49th St. due to the short timeframe for due diligence and closing.

Additionally, the Los Angeles-based buyer is familiar with the Mark Taylor-constructed Pillar at Desert View because it bought the 604-unit San Valiente Apartments at 2220 W. Mission Lane in Phoenix in 2006, also a Mark Taylor complex. “San Valiente is exactly the same as Desert View, same floor plans, and grounds layouts, but in a different location,” says Anderson, who partnered with CBRE vice chair Sean Cunningham and first vice president Jack Hannum on the transaction. “They were very familiar with the product.”

Anderson tells GlobeSt.com that Colony Capital assumed a $25.3-million Fannie Mae mortgage, which will come due in about eight years. The new owner also will do some minor upgrades, including repainting, adding a business center and rehabbing the clubhouse. A name change also is in the works.

Anderson says he wasn’t surprised that the 12-year-old Pillar at Desert View attracted the attention it did despite stricter lending requirements. The parties involved had the equity and weren’t highly leveraged, he points out.

“This was a Mark Taylor product in a great infill location,” Anderson says. “That typically attracts attention.” Pillar at Desert View has one-, two- and three-bedroom apartments, ranging from 689 sf to 1,199 sf. Monthly rents are $870 to $1,140.

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