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TEMPE, AZ-Nuvida Ventures of Del Mar, CA has rolled 1031 exchange money from another local asset into the acquisition of the 172-unit Paxton on Rural. The buyer paid $15.5 million or $90,116 per unit for the class B complex.

According to Ric Holway, vice president with Marcus & Millichap Real Estate Investment Services in Phoenix, Nuvida Ventures will determine within the next month how much money should be invested in the complex at 3409 S. Rural Rd. "He's looking for every opportunity he can to improve the property," says Holway, who brokered the transaction for Residential Equity Partners of Portland, OR.

Holway tells GlobeSt.com that Nuvida exchanged out of the 137-unit Villas Apartments at 1718 S. Jentilly Lane, located about one mile north of Paxton on Rural. In mid-June, Villas Apartments was sold for $15.15 million.