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Developer Purchased Complex in Camelback Corridor and Wants to Buy More in the Area

PHOENIX-San Diego developer purchased apartment complex in north Phoenix for $25 million and plans to refurbish it. The firm is looking for more multifamily communities to purchase in the Camelback Corridor.

By D.J. Burrough | Updated on October 12, 2000

PHOENIX–A San Diego-based developer has purchased an apartment complex in north Phoenix for $25 million, or nearly $45,000 per unit.

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.”

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