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PHOENIX-The 454-unit Diamonte on Bell apartments is headed to the auction block, with the sale scheduled for Sept. 9. An article in Business Real Estate Weekly reports that law firm Kutak Rock is trustee on the pending sale.

The 25-year-old complex, at 3202 W. Bell Rd. was acquired by Fairfield Residential Inc. in Southern California in 2007 for just over $31 million. Area sources tell GlobeSt.com that Fairfield Residential, once a major merchant builder and investor in the Phoenix market, is struggling as its construction loans are coming due.

The sources point out that Fairfield and other investors and developers who entered the Phoenix market during its heyday have found that refinancing has become very difficult. As a result, more of these assets are likely to go into default, they note.

Calls to Fairfield Residential were not returned by deadline. BREW notes that Ion Data’s Foreclosure Update lists Royal Bank of Canada as the beneficiary on a credit line of $59.2 million.

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