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CA Buyer Enters Phoenix with $14M MF Buy

PHOENIX-A high-net worth investor makes his first acquisition in the Valley, paying $13.66 million for a 264-unit apartment complex.

By Jennifer Duell Popovec | Updated on January 04, 2011

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.

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