Mark Forrester of Hendricks & Partners in Phoenix tells GlobeSt.com that Pasadena, CA Evergreen Developments put together a group of investors under the entity PP Apartments Acquisitions LLC to buy the Pinnacle at Shadow Mountain from seller TMT Pinnacle Apartments Inc. of San Francisco. "It's a class A building and a great opportunity," Forrester said of the deal.

Located at 3303 East Thunderbird Rd. near Squaw Peak Freeway, the apartment complex, built in 1992, features a clubhouse, spa and workout facilities and is near hiking trails, the Paradise Valley Mall and other amenities that attract tenants, Forrester said. A parking area large enough to handle boats and recreational vehicles and its location near the Squaw Peak Freeway with easy access to downtown Phoenix and other parts of the Valley, made the deal even more appealing. "There are a lot of great reasons to live there," he said.

Forrester and fellow broker Bob Bruno of Hendricks & Partners' Phoenix office negotiated the transaction for the buyer. The seller was represented by Bert Kempfert of CB Richard Ellis Inc.'s Phoenix team.