Fairfield Residential purchased the 40th North Apartments, a 30-year-old complex at the corner of 40th Street and Camelback Road. The 556-unit complex was sold by AIMCO, the nation's largest owner/manager of apartments. AIMCO purchased the complex in 1994 for $14 million.

"This community has always been a favorite of multifamily residents in the Central Phoenix area," says Patrick Slavin of Hendricks & Partners, who represented AIMCO in the marketing and sale of the complex. "We expect the renovation will ignite the re-birth of this community as one of the most desirable multifamily residences in the area."

Fairfield Residential plans to spend more than $11 million, or $20,000 a unit, on a major renovation on the property. Plans call for expanding and refurbishing the existing pool and recreation areas, adding a second pool with cabana, a state-of-the-art fitness center and resident computer center. The apartments themselves will be renovated with new carpet, cabinets, flooring, lighting and appliances. Work is set to begin before year-end.