John and Jane Deichman of New Hall, CA paid nearly full price for the 1972 vintage complex, located at 2835 W. Northern Ave., in a deal with sellers Bruce L. and Edgar P. Crockett, of Seattle, WA.

Brian Smuckler with Marcus & Millichap in Phoenix tells GlobeSt.com that the California couple had been looking for investment properties in Phoenix for awhile, but was unable to find one that met the investment criteria until they came across Northern Palms. "They looked at a lot of properties in Phoenix and couldn't find a property that had a stabilized track record for occupancy and the numbers but this building seemed to fit," Smuckler says.

The heavily landscaped, gated community, just west of Interstate 17, is comprised of 48 one-bedroom units along with a two-bedroom house for the property owner or manager along with a pool, spa and separate laundry room. Smuckler represented the seller and Doug Groppenbacher of Re/Max Commercial represented the buyer in the sales transaction.