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GILBERT, AZ-San Diego-based Fairfield Residential has traded its recently completed, 196-unit Painted Trails Apartments for $15.6 million. Buyer Wasatch Property Management, no stranger to the Phoenix area, bought the asset in an off-market transaction, with help from a 1031 exchange.

Marcus & Millichap Real Estate Investment Services’ Alon Shnitzer tells GlobeSt.com that Wasatch Property Management of Logan, UT bought the class A Painted Trails Apartments in an attempt to de-age its portfolio. “They have a lot of 1980s-constructed assets in Phoenix and around the nation. They’re upgrading their portfolio by purchasing newer assets” explains Shnitzer, who brokered the deal at 4255 E. Pecos Rd. He goes on to say that Wasatch Properties isn’t an aggressive buyer right now, but if another exchange and a great opportunity comes along, it will be examined.

The interesting thing about the transaction was that it had a 20-day escrow. Shnitzer explains that there were several reasons for the rather quick closing; one of which was that Fairfield Residential had provided the due diligence materials up front. Furthermore, the seller was familiar with the buyer, meaning a level of comfort existed. Also, lender U.S. Bank was on board before the asset went under contract. “In actuality, Fairfield was working on this for about a month before it went into escrow,” Shnitzer adds. “But the actual escrow period was 20 days.”

The asset, completed in 2008, is closing in on full occupancy. Painted Trails Apartments has one-, two- and three-bedroom units ranging in size from 745 square feet to 1,355 square feet. Monthly rents range from $799 for a one-bedroom unit to $1,490 for three bedrooms.

In August 2008, Wasatch Property Management cut an exchange deal that involved the sale of the 203-unit Brookside Apartments in Phoenix. The funds from that transaction were funneled toward the purchase of the 192-unit Canyon Ridge Apartments in Surprise, AZ.

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