TEMPE, AZ-Fairfield Residential Co. LLC madeits second area buy in the past couple of months, payingFarnam Realty $22.65 million for ownership rightsto City Scape at Lakeshore. The Southern California buyer adds the214-unit City Scape to its purchase of the 408-unit Tempe GroveApartments, on which it closed in early September.

Fairfield Residential, which had once been very active in thePhoenix market, filed for Chapter 11 in 2009, a victim of thefaltering economy and maturing loans. In recent weeks,however, Fairfield and partner Brookfield AssetManagement of Toronto closed its BrookfieldFairfield U.S. Multifamly Value Add Fund, with totalcommitments of $323 million. As a result, "they have fresh equityand they're underwriting a lot of deals," comments AlonShnitzer with ORION Investment RealEstate in Scottsdale, AZ. Shnitzer teamed with ORIONcolleagues Rue Bax, John Kobierowski, Eddie Changand Doug Lazovick to represent the seller of theCity Scape at Lakeshore transaction.

City Scape at Lakeshore is at 4630 S. Lakeshore Dr. and offersone-, two- and three-bedroom units ranging in size from 758 squarefeet to 1,261 square feet. Monthly rents for the 1990smultifamily property are between $819 and$1,254.