The Tempe-based investment group secured a loan of more than $2.7 million from Lehman Bros. in New York City to win the deed to Presidents Corner Apartments at 2201 Presidents Corner Dr. in North Arlington. The asset was on the market two years, in escrow six times and at the closing table twice before the deed traded, Peter J. Hartnett, senior investment adviser in Dallas for Phoenix-based Hendricks & Partners, tells GlobeSt.com.

The stickling point came from the seller's firm stance on the $33,000 per door, according to Hartnett. The seller of record was Texas Bay Presidents Corner LP, a San Francisco-based group that owned the complex for four years, invested in a rehab and was looking to collect on the upside.

The buyer, Hartnett says, got "a coupon deal. He's buying it on the return." The units, which average 893 sf, bring in 63 cents per sf in rent or $559 per month. Key to getting the price for the class C-plus property is a location in a residential neighborhood that is one of the nicest and newest on that side of town, says Hartnett.