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PHOENIX — A private investor has purchased the 288-unit Mountainside luxury apartments in Phoenix for an undisclosed sum. The complex is located at 3625 East Ray Road, within the master-planned Mountain Park Ranch community. It is situated within the urban village of Ahwatukee. Mountainside was developed by Fairfield Residential in 1996. Steve Gebing and Cliff David of Marcus & Millichap represented both the buyer and seller, Cornerstone Real Estate Advisers, in this transaction. Cornerstone was acting on behalf of an institutional investor.