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PHOENIX-The 20-building, 266-unit Rancho Viejo Apartments complex at 8530 N. 22nd Ave. and Butler Drive is under new ownership today. WLA Investments Inc. of Newport Beach, CA paid New York City-based DRA Advisors LLC $17.5 million or $65,789 per unit and $84.47 per sf for the 207,156-sf, 21-year-old property.

The 10-acre asset in the metro Central submarket has 80 one-bedroom, one-bath units averaging 602 sf; 72 one-bedroom, one-bath units averaging 707 sf; 58 two-bedroom, two-bath homes averaging 902 sf; and 56 two-bedroom, two-bath apartments averaging 996 sf. Amenities include two pools, spa, fitness center, business center and barbecue areas.

Diane and Darcy Miramontes of Grubb & Ellis/BRE Commercial San Diego negotiated for the buyer. Steven Goldstein of Amercon Realty Services Inc. represented the seller. Elizabeth DeProfio of Fidelity National Title Insurance Co. provided title and escrow services.