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TEMPE, ARIZ. — Phoenix-based Colgate Group LLC has acquired the University Properties portfolio, a 268-unit apartment community portfolio located on Lemon Street in Tempe, for $21.4 million. The 303,239-square-foot portfolio consists of four properties: University Place, University Pointe, University Square and University Gardens. John Kobierowski and Greg Thielen of Hendricks & Partners’ Phoenix office represented the seller, Corona del Mar, Calif.-based University Properties, in the transaction.