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MESA, AZ-A Phoenix-area partnership has sold the 308-unit Sun Valley Ranch Apartments to Montreal-based Tidan Group of Cos. for $31.5 million. The asset was 93% leased at sale time.

Neil Sherman, senior vice president with Axxiom Partners LLC in Scottsdale, says the five-year-old complex at 7353 E. University Dr. was developed and owned by Steve Robson of Scott Communities in Tempe and Chuck Kohlhase of Kohlhase & Associates Inc. in Mesa. “Their plan was to hold it for awhile, but now they’re phasing out of multifamily and multifamily management and are moving into other areas of investment,” says Sherman, who with Axxiom’s senior investment adviser Danny Lee represented the seller and the buyer.

The 17-acre Sun Valley Ranch Apartments consists of 29 buildings with one-, two- and three-bedroom units, ranging from 943 sf to 1,193 sf. The apartments rent for $899 to $1,149 per month.

The buyer was Tidan Group of Cos., which owns the Arizona Golf Resort Hotel & Conference Center at 425 S. Power Rd., which is just down the road from Sun Valley Ranch Apartments. According to Sherman, the new purchase was financed with a $25.2-million loan from Freddie Mac. He says the five-year note, placed at 80% loan to value, was locked in at a 5.3% fixed-rate interest.

Earlier this month, Tidan bought two Phoenix complexes in an off-market deal “Tidan is still actively looking for assets and not just multifamily,” Sherman tells GlobeSt.com. “I’d say they’re opportunistic buyers. When the right deal comes along, they have a lot of money ready to invest in the Phoenix area.”

As for the sellers, Sherman says they once owned seven complexes in Phoenix and Tucson and they’re down to one–Springs at Silver Bell at 7759 N. Silver Bell Rd. in Tucson. Sherman speculates it too most likely will be sold sometime this year.

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