PHOENIX-A high-net worth investor from San Diego, CA, has made his first acquisition in the Valley, paying $13.66 million for The Ridge at Sun Valley, a 264-unit apartment complex.

The buyer, doing business as ADC-Ridge at Sun Valley LLC, bought the class A property in an all-cash transaction from Alcurt Phoenix II LLC, which foreclosed on the property. The developer, Cleveland, OH-based Wallick Companies lost the property to foreclosure in July 2010.

“This buyer evaluated Phoenix five years ago but couldn’t get comfortable with where the market was going and chose to invest in the Pacific Northwest instead,” says Steve Gebing with Marcus & Millichap’s National Multi Housing Group. “He started looking in Phoenix again about a year ago, searching for properties no older than 1990.”