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PHOENIX-A Laguna Hills, CA buyer began building a local portfolio with his first area acquisition of the 290-unit Metro Village Apartments. The buyer forked over $15.9 million for the vintage asset, and will invest $4 million more in renovations.

According to John McDonnell, multifamily specialist with Axxiom Partners LLC of Scottsdale, Ken Black plans full interior and exterior rehabs for the complex at 3106 W. Vogel Ave. Included in the overhaul plans are a landscape redesign, creation of a fitness center and club house, and relocation of the rental center.

"He's trying to set the standard for rehab, and is putting in amenities that you'd normally see in Scottsdale apartments," McDonnell comments. McDonnell represented Black in the off-market transaction with the Phoenix private seller, which was represented by Art Wadlund, partner with Hendricks & Partners' Tucson office.