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FLAGSTAFF, AZ-A Southern California family trust has closed on its second area asset, paying $28.5 million for the Lodge Apartments, a 252-unit, class A complex. The two-year-old project was 95% leased at sale time.

David Fogler, senior vice president in Grubb & Ellis|BRE Commercial LLC's Phoenix office, says the San Diego-based Bassham Family Trust ultimately beat nine other offers for 3601 Lake Mary Rd. property due to its familiarity with the area and willingness to assume a $19.3-million HUD loan. He says the assumed debt can't be prepaid until 2009, but it is locked at a 6% interest and 40-year amortization.

"She's assumed a number of HUD loans. We've sold other properties to her and she had the proceeds ready to go," Fogler says. The seller of record is Lake Mary Road Apartments LLC of Phoenix, which developed the property.