PHOENIX-Continental Realty Advisors has acquired The Canyons, a 629-unit luxury apartment community, for $45.5 million in an all-cash transaction. The buy marks the Denver-based firm’s re-entry into Phoenix after it exited the market in early 2007.

“One of the things that told us to get out of the market was that we were being out-bid by $8 million to $10 million, and we thought we were being aggressive,” says David Snyder, chairman of Continental Realty Advisors. “But, we believe in Phoenix in the long-run, and we think it’s time for us to come back into the market. Valuations have corrected to a point where they're attractive.”

The Denver-based buyer acquired The Canyons via its CRA-B1 Investment Fund from special servicer LNR Property. The Canyons is the largest multifamily asset to be offered by a lender, according to the marketing brochure created by CBRE’s local investment sales team of Tyler Anderson, Sean Cunningham and Chris Brozina. It was listed at $52.66 million.