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PHOENIX-Nearly 1.5 years after acquiring the Monterra Apartments for $18.13 million, the Seattle-based S-J Management LLC has sold the 258-unit luxury complex for $22.07 million to an Irvine, CA investor. Plans call for the buyer, Aslan Monterra I & II, to keep the complex for the long term.

"They were exchange buyers who had the funds available," says David Fogler, senior vice president with Grubb & Ellis/BRE LLC's Phoenix office. "They'd acquired another property not too far from this one, in an adjoining submarket. We thought they knew the market and submarket very well." Monterra's buyer used in-house brokers to negotiate the 1333 N. 24th St. take-over with Fogler and Grubb & Ellis' senior associate Steven Nicoluzakis.

The transaction represents S-J's final disposition of any area assets for the time being, but not its appetite to buy. As previously reported by GlobeSt.com, S-J has just closed on the $33-million acquisition of the 272-unit San Ventura Apartments at 3600 W. Ray Rd. in Chandler. Additional closings are scheduled for the coming weeks.