Tyler Anderson and Sean Cunningham, both of CB Richard Ellis' Phoenix office, represented the seller, Dallas-based Invesco Realty Advisors. Anderson tells GlobeSt.com that Invesco purchased the building on behalf of investors in 1996, one year after the complex was developed by the Trammell Crow Co., also headquartered in Dallas.

The appreciation in value made it the right time to sell. Anderson, who specializes in the sale of multifamily communities, says the complex is one of the top three in Tempe. Cityscape was 95% occupied at sale time. Units are bringing $780 per month to $1,195 for 758 sf to 1,261 sf. Total monthly rent income averages $205,670, annual rent fetching about $2.5 million.

Anderson says the complex was on the market for about 45 days. Invesco was seeking $19.24 million. Farnam, advised by Elden Von Lehe of Von Lehe Financial, used a 1031 exchange to complete the deal.

According to Real Facts, the Tempe market has about 57 apartment properties with 16,094 units. Each property averages 282 units, with an average occupancy of 91.7%. The metro is boasting 300,000 units, says Anderson, who adds that the annual property turn-over is 70 to 100 sales of properties with 100-plus units. Metro Phoenix dynamics are pushing more trading than US cities with comparable demographics.