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GLENDALE, AZ-Closing out a two-year hold, Mentor Properties Inc. has sold the 136-unit Strayhorse at Arrowhead Ranch to Equity Residential Properties Trust for $17.3 million. The class A asset was destined for condo conversion until the market collapsed.

Canadian-based Mentor Properties planned to start the conversion at 20707 N. 67th Ave. as soon as a loan provision that barred an immediate change had expired, GlobeSt.com was told when it was bought in January 2006 for $10.5 million. According to Tyler Anderson, vice chairman of CB Richard Ellis in Phoenix, Mentor put the 10-year-old asset on the market in the wake of the condo market’s local collapse.

Anderson says the complex had been on the market awhile with several interested parties making offers, all falling short of the seller’s expectations. “Equity came along with its offer and the available funds to close so the seller agreed to sell,” he says. The CBRE sales team included vice chairman Sean Cunningham and senior vice president Jack Hannum.

Anderson tells GlobeSt.com that Mentor put a great deal of money into painting and upgrading the 94%-occupied complex so the Chicago-based Equity Residential won’t need to make any upgrades. Equity also owns Isle at Arrowhead Ranch at 20250 N. 67th Ave., which is directly across the street from Strayhorse.

“They’ll run Strayhorse in conjunction with the other asset,” Anderson says. “Equity bought Strayhorse with exchange money so it was good fit for them. It’s on a golf course within the Arrowhead master-planned community and it’s a sweet property.”

Situated on 18 acres, Strayhorse at Arrow Ranch has one-, two- and three-bedroom units ranging from 729 sf to 1,110 sf. Rents go from $795 to $1,045 per month.

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