Sale closes on Phoenix townhomes

Buyer plans 'significant' renovations

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Windsor Realty Fund-V LLC has acquired the 360-unit Preserve at Mountain Park Ranch townhome apartments in Phoenix, Ariz., for an undisclosed price. The property, whose seller was not disclosed, is located in a master-planned community known as Mountain Park Ranch, near the Ahwatukee area of Phoenix. The property, which will be renamed Windsor at Mountain Park Ranch, is located west of Interstate 10 and north of Ray Road. The property was constructed in 1996 and consists of all two- and three-bedroom units with an average size of more than 1,200 square feet. Amenities include two swimming pools and spas, a business center, a media room/movie theater, an electronic game room, a clubhouse, playgrounds, and a fully equipped fitness center. In a press statement, a representative for Windsor Realty Fund said, "... Our business plan is to do a significant amount of interior and exterior renovations. We feel this plan will position this asset well for the next 7-10 years."...