James Szymanski won title to the 6201 N. 16th St. property even though his offer was lower than another bid because seller La Paz Apts LLC of Chicago, a subsidiary of the Braeside Group, felt confident in his ability to close the deal, Brad Goff, a vice president in the local office for Dallas-based Trammell Crow Co., tells GlobeSt.com. "We had quite a few other offers, but Jim was selected due to his strength in the Phoenix apartment market," Goff says, noting Szymanski also owns the Greens apartments, a 136-unit complex at 8445 N. 23rd Ave. in the city.

Goff says the seller turned down a higher offer from another bidder because the owner was not confident that the prospective buyer could close the transaction. Between five and 10 investors bid on the two-story apartment complex, which was originally listed at $4 million. The Braeside Group opted to pull out of the metro market so it could concentrate on its Chicago investments, he explains.

The Braeside disposition has one more asset to sell, the 120-unit El Pueblo, which is under contract to an undisclosed buyer, Goff says. The 802 E. Missouri holding was on the market for $5 million. In October 2002, the company also sold the 104-unit Maryland Villa apartments, now known as Regency Park, at 12th Street and Maryland here to Brent Nelson of Hollywood, CA for $4.1 million.