Using gain from a multifamily sale in their hometown and seller financing, Pete and Eleni Kousoulas acquired the 29 Palms from local seller, Dell John Properties, which had owned the complex for more than 10 years. The 1960s-era complex is surrounded by palm trees, which gives it the name 29 Palms, says Brian Smuckler, an investment broker with Marcus & Millichap Real Estate Investment Brokerage Co.'s local office. He and colleagues Ric Holway and Hamid Panahi brokered the transaction.

Smuckler tells GlobeSt.com that 29 Palms received four offers before trading at 96% of the list price in a seller-financed transaction. "This complex has pride of ownership and it's in good condition," he says, adding that the deal closed at the highest price per sf for the east Phoenix submarket.

The four single-story buildings are located on one acre at 4901 E. Holly Rd. The complex is made up of five one-bedroom units of 850 sf that rent for $475 per month; 16 two-bedroom units of 950 sf, leasing for $575 per month; and one 1,100-sf, three-bedroom apartment priced at $675 per month. Only one unit was vacant at closing.

"There's a lot of upside with the rents," Smuckler tells GlobeSt.com. He says the existing rates are running $50 to $75 per month below market.