Sellers Pavel and Rozalia Cret of Phoenix owned the investment property for about 2 1/2 years. The Muir Trust used a 1031 exchange to acquire the holding.

Paul Gross and Todd Braun, both of the Phoenix office of CB Richard Ellis, brokered the deal on behalf of the sellers. Jerry Pate of Boardwalk Group LLC of Phoenix represented the buyer of the Central Phoenix complex situated in the Interstate 17 corridor.

The Suntree's average unit size is 741 sf and brings an average monthly per unit rent of $550. The cash flow attracted a half dozen bidders for the complex, which was on the market for nine months, the insider confided. Suntree's high occupancy is fairly rare in today's market as vacancy spikes across all product type. The insider's best guess is Suntree's higher-than-average occupancy most likely is due to its owner-operated status.

The source explained layoffs by large employers such as American West airlines have been affecting the class A market, but the impact is now trickling down to C as related service jobs are scaled back. Many tenants have gone in search of cheaper housing or are following jobs to other markets. Some class C properties also are feeling the pinch of tighter reins at the Arizona-Mexico border due to US security issues.