TEMPE, AZ-Fairfield Residential Co. LLC made its second area buy in the past couple of months, paying Farnam Realty $22.65 million for ownership rights to City Scape at Lakeshore. The Southern California buyer adds the 214-unit City Scape to its purchase of the 408-unit Tempe Grove Apartments, on which it closed in early September.

Fairfield Residential, which had once been very active in the Phoenix market, filed for Chapter 11 in 2009, a victim of the faltering economy and maturing loans.  In recent weeks, however, Fairfield and partner Brookfield Asset Management of Toronto closed its Brookfield Fairfield U.S. Multifamly Value Add Fund, with total commitments of $323 million. As a result, “they have fresh equity and they’re underwriting a lot of deals,” comments Alon Shnitzer with ORION Investment Real Estate in Scottsdale, AZ. Shnitzer teamed with ORION colleagues Rue Bax, John Kobierowski, Eddie Chang and Doug Lazovick to represent the seller of the City Scape at Lakeshore transaction.

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