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by CareyBot

Grubb & Ellis/BRE Commercial San Diego on Friday announced it brokered the sale of the 266-unit Rancho Viejo Apartments in Phoenix, Ariz. The value of the transaction was $17.5 million. DRA Advisors LLC sold the property, located at 8530 N. 22nd Ave., to Newport Beach, Calif.-based WLA Investments Inc. The 207,156-square-foot complex sits on more than 10 acres of land in a quiet area across from the El Caro public golf course. It features 20 buildings with a unit mix that includes: 80 one-bedroom, one-bath (602 square feet); 72 one-bedroom, one-bath (707 square feet); 58 two-bedroom, two-bath (902 square feet); and 56 two-bedroom, two-bath (996 square feet). Amenities at the complex include two pools, a spa, a fitness center with weight and aerobic machines, a business center and b...