Sundance Bay has paid $46.5 million, or $184,524/unit, for the 252-unit Port Royale apartment complex in Sierra Vista, Ariz. The Salt Lake City investment manager bought the property, on 13 acres at 1201 North Colombo Ave., from Element Property Co. of Los Angeles in a deal brokered by Marcus & Millichap’s Institutional Property Advisors unit. […]

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