Montevida Properties Inc., a unit of New York City-based UBS Realty Investors, purchased the Montevida apartment complex located at 7101 N. 19th Ave. in Phoenix. The 276-unit property was sold for $19.5 million, more than $70,650 per unit. The upscale complex consists of 156 one-bedroom/one-bath, 90 two-bedroom/two-bath, and 30 three-bedroom/two-bath units. It features central air conditioning, patios/balconies, in-unit washers and dryers, ceiling fans, covered parking, clubhouse, fitness facility, spa, and pool. Each unit is also wired for cable and high-speed Internet access. UBS is a multinational financial services firm based in Zurich, Switzerland. According to David Fogler of Insignia/ESG Inc., "This transaction is a sign that institutional buyers are optimistic about the Phoenix multi-family market." Fogler and Steven Nicoluzakis of Insignia represented the buyer and the seller, Montevida LLC, in the transaction.