PHOENIX-Cole Real Estate Investments has made its largest investment in Arizona, paying $170 million for Apollo Group Inc.’s University of Phoenix office complex at Riverpoint. The company negotiated a 20-year sale-leaseback with the private education provider. Cole’s lease with Apollo feature 2% annual rent bumps, according to Thomas W. Roberts, executive vice president and head of real estate investments for Cole.

Comprised of three mid-rise office towers, Apollo Group’s Riverpoint Facility totals roughly 600,000 square feet. It also includes two parking structures. The facility was constructed from 2006 to 2007 as a build-to-suit, with improvements completed in 2008.

Employees based at the Riverpoint Facility perform a number of duties, including administrative, financial, legal, marketing and information technology. Additionally, Apollo Group utilizes the property to serve its underlying subsidiaries, including University of Phoenix, its online classes and military education functions.