The 156-unit Veranda Apartments, a 1986-vintage community at 5704 W. Thomas Rd. went to R. Bruce Wallace of Long Beach while the Windtree Village Apartments, a 103-unit complex at 6041 W. Thomas Rd. was sold to Prime Property Capital Inc. of San Francisco. Todd Braun with CB Richard Ellis Inc. in Phoenix tells GlobeSt.com that both complexes were owned by the same investment group under different entities.

Wallace outbid two other prospective buyers with a $6.2-million offer to take ownership of the Veranda Apartments, a mix of one- and two-bedroom apartments with 95% occupancy and rents of $520 to $620 per month. The seller of record was Figtree Apartments LP of Phoenix.

Prime Property Capital paid $4.1 million for the Veranda's sister property, Windtree Village, a 97% leased complex of one- and two-bedroom units that rent at similar rates. Marcus Holdings LP of Phoenix was Windtree's seller of record.

Braun says the seller divested of both properties in order to invest in other ventures, turning over complexes that offered stabilized cash flows and value-added holdings to the new owners. "Both had good operations and the ability for new financing," he explains. "The interest rate environment was very attractive so that helped produce a nice cash-on-cash flow for the investors." Braun represented all the parties in the dual sales.