Sares-Regis Group, an Irvine, CA-based developer and owner of commercial real estate and multi-family complexes, has purchased the Northridge Apartments, at 2140 W. Thunderbird Rd. The 20-year-old, a 376-unit complex apartment complex is adjacent to the Interstate 17 and the Cave Creek Municipal Golf Course. The sale price equates to more than $40,957 per unit.

Citibank Private Bank is a venture partner with Sares-Regis Group in the property, says Paul Trevino, president of the company's Multifamily Investment Division.

With the purchase, Sares-Regis now owns 1,675 multifamily units in the Valley.

Based on sales through last year, Sares-Regis paid slightly more than the average price paid for properties built in the early 1980s, according to a recent survey by Hendricks & Partners. The average purchase price for complexes of that age is $37,062 per unit, or $56.30 per sf. The average price for all apartment types that were sold in 2000 was $48,723 per unit.

The UNUM Life Insurance Company of America, which is based in Portland, ME, was the seller of the complex. The Phoenix office of Camidor Property Services, with brokers Terry Biehn and Joseph Blegan, represented both principals in the transaction.