Sauls says the property generated a great deal of interest from prospective buyers. "In fact, we had several offers above the list price," she notes. Ultimately, she says, the buyer who prevailed was in a 1031 exchange and was willing to stretch farther than any of the other dozen or so competitors and had the ability to close on an all-cash basis.

According to Casper, JP Morgan Fleming enlisted the Hendricks & Partners brokers to sell the property with some "very specific" requirements. The seller wanted the transaction to close within 75 days, so the challenge was to price the property very carefully in order to "produce sufficient interest to get the deal done within the 75 days while at the same time maximizing value."

The Civic Center Place complex consists of 12 two-story wood frame and stucco buildings, each of 16 units, along with one common building that houses the leasing office, the recreation room and the fitness center. The unit mix includes 96 one-bedroom units of 751 sf with asking rents of $1,085 to $1,130; 48 two-bedroom, two-bath apartments of 1,064 sf at asking rents of $1,385 to $1,435; and 48 two-bedroom, two-bath townhomes of 1,064 sf with asking rents of $1,435 to $1,465. The seller had owned it about four years and three months.