The 21-year-old, class B minus complex was 91% occupied at sale time. Todd Braun and Brett Polacheck, both of the Phoenix office of CB Richard Ellis Inc., negotiated the transaction between the Janowiaks and sellers, the Bleau Family 1998 Revocable Trust of Sonora, CA. The trust has two other multifamily properties in the Phoenix area, with one presently under contract.

Polacheck tells GlobeSt.com the Garden View complex went under contract in the first week of listing and attracted a bevy of bidders. He attributes the quick sale to a good cap rate and its good condition because it was owner-operated. The single-story complex also has an average rental of $650 per month equal to the metro region's average for a 900-sf unit. The Stapley Road location delivers great visibility due to a positioning along one of Mesa's major thoroughfares.

Mesa makes up 12% of the total apartment market in metro Phoenix, where rentals average $650 per month per unit. The submarket has a 90.6% occupancy and an inventory of 72 properties totaling 19,823 units, Real Facts says in a recent report.

According to New York City-based Integra Realty Resources' Phoenix team, 6,400 units will be delivering through 2004. The metro area is predicted to absorb 1,267 units annually for the same timeframe. The upshot of the report is that the Phoenix multifamily area will have a balanced supply and demand in a year.