P&L Group LLC picked up the 161-unit Camelback Corridor apartments at 4728 N. 15th St. in Phoenix for $5.7 million and then paid an additional $1.3 million to take the keys to Camelback Palms, a 26-unit property at 4741 N. 15th St. from the same seller, Robert Brescia of Phoenix, Darrell Moffitt, with Marcus & Millichap's local office, tells GlobeSt.com. "The seller wanted to sell both at the same time," Moffitt says, explaining Brescia was the sole owner of Camelback Corridor, but held Camelback Palms in a partnership and was anxious to divest of the holdings in order to pursue other investments.

Both two-story, garden-style, master-metered complexes are made up of mostly one-bedroom units that rent for about $600 per month. The pair was about 96% occupied at the time of sale, Moffitt says.

The gated Camelback Corridor was the more luxurious of the two, featuring two swimming pools, a spa, exercise facilities, tennis court, clubhouse and covered parking. Its original price tag was about $7 million. The sister property, with a single swimming pool and covered parking, fetched the full asking price.

Moffitt represented the seller in both transactions while a colleague, Mike McClain, with Marcus & Millichap's Tucson office, handled both deals for the buyer, the owner of several multifamily properties in Tucson.