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**Sunroad Enterprises Sells Three-Apartment Portfolio to Fairfield Residential for $244.8 Million**
Sunroad Enterprises has completed the sale of a three-property multifamily portfolio to Fairfield Residential for $244.8 million. The transaction encompasses a total of 907 apartment units across three communities in the Phoenix metro area, averaging nearly $270,000 per unit.
According to the Phoenix Business Journal, the portfolio includes:
– **Lazo Apartments in Chandler**: A 346-unit property built in 2001. It sold for $100 million. The last transaction for this asset occurred in 2020, when it was purchased for $84 million.
– **Zone Apartments in Glendale**: This 308-unit community, constructed in 2006, sold for $81.75 million. Its previous sale was in 2019 for $63 million.
– **Zone Lux in Glendale**: The 253-unit property, built in 2007, was acquired for $62.5 million. It was last sold in 2020 for $55.4 million.
With this acquisition, Fairfield Residential, a prominent player in the multifamily investment sector, increases its total apartment holdings to 46,100 units. The company’s 24-property multifamily portfolio is now valued at approximately $1.8 billion.
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