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PEORIA, AZ-Trammell Crow Residential and Opus West Corp. have sold the 240-unit Alexan Paradise Lane to Sherman Residential for $21.5 million. Alexan Paradise Lane was the second of two Peoria-based properties developed by the joint venture to be sold.

CB Richard Ellis vice chairman Tyler Anderson, who represented the seller in the transaction, tells GlobeSt.com that the asset attracted 13 offers. “Consistent with what we’re seeing, the offers came from private capital sources; either wealthy individuals or syndicators. Institutional money is still on the sidelines,” says Anderson, who partnered with CBRE vice chair Sean Cunningham on the deal.

He goes on to say that the Sherman Residential of Deerfield IL won ownership rights to the property at 8902 W. Paradise Lane because of credibility. “They’d purchased in Phoenix in the past, and certainly had the equity available to buy,” Anderson adds.

The class A complex offers one-, two- and three bedroom floor plans, as well as one- and two-bedroom town homes. Unit sizes range from 761 square feet for the one-bedroom apartments to 1,267 square feet for the largest town home residence.

Opus West and Trammell Crow Residential launched construction on Alexan Paradise Lane and sister complex Alexan Bella Vista in 2004-2005. The 163-unit Alexan Bella Vista, at 7677 W. Paradise Dr., was sold in late 2007 to a Seattle, WA group for $28 million. Construction costs on Bella Vista were $17 million, while Paradise Lane went vertical for $23 million.

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