"It was a great deal for the buyer. Long term, it's one of the strongest properties in Phoenix," Mark Forrester, a partner with Hendricks & Partners in Phoenix, tells GlobeSt.com about the two-year-old, class A development at 575 W. Pecos Road. "There are two interchanges within a half-mile on either side of the property so the exposure this property will have is unparalleled to probably anything in town."

The class A Stonebridge Ranch sits on 27 acres that abut the new Santan Freeway, which will eventually include two interchanges nearby. "There are two interchanges within a half-mile on either side of the property so the exposure this property will have is unparalleled to probably anything in town," Forrester says, adding that the 15 units per acre density was a major bonus in the deal.

Nine months of marketing generated 25 offers on the property while allowing time for stabilization. Buyer Chandler Stonebridge LP of San Diego offered the high bid, just below the asking price, according to Forrester. The seller of record is Fairfield Stonebridge LP.