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PHOENIX-A Pacific Northwest buyer has made its first acquisition in the city, buying the 376-unit Fairways at Cave Creek from Atherton-Newport Investments LLC. The class B asset has brought $31.5 million in an off-market deal.

Cindy Cooke, senior vice president with Colliers International Inc.'s Phoenix office, negotiated the transaction between buyer and the Irvine, CA-based seller, who acquired the now 92%-leased complex at 2140 W. Thunderbird Rd. in spring 2006. Following some renovations, Atherton-Newport decided to sell, but then pulled it off the market to try to stabilize it.

At the same time, Cooke was working with Holland Partners of Vancouver, WA to structure a deal for the 548-unit Granite Bay Apartments at 14230 N. 19th Ave., which is around the corner from Fairways at Cave Creek. When Granite Bay instead was sold to Bethany Group LLC as part of a portfolio, Cooke immediately pointed Holland Partners in the direction of the Atherton-Newport asset.