"Tamaron Apartments is one of the best complexes in the Valley given its amenities and condo-quality construction," Cliff David, an investment broker with Marcus & Millichap Real Estate Investment Brokerage Co., tells GlobeSt.com about the 1125 E. Broadway Rd. property. "It's in excellent condition and in an excellent location."

David represented the sellers, Harold and Nanette Lyons of nearby Scottsdale while Ed Cerna in Marcus & Millichap's Palo Alto, CA office brought the buyers, Paul and Doris Cardarelli, to the table. David says Tamaron Apartments received four offers during a 30-day run on the market. The Cardarellis, who were satisfying a 1031 exchange from a 12-unit multifamily asset in the South Bay, came in with the highest offer at 99% of the asking price, he says.

Situated on 2.4 acres, Tamaron Apartments is a 20-year-old, garden-style complex that was fully leased at sale time. "It's a stable investment because of the high barriers to entry in Tempe," David says. The complex consists of 34 one-bedroom units, each 698 sf, and 20 two-bedroom apartments, ranging from 948 sf to 1,020 sf. Monthly rents range from $629 to $895.

The Cardarellis obtained a $3.3-million loan from Impac Mortgage Holdings Inc. of Newport Beach, CA to close the deal. Marcus & Millichap Capital Corp. arranged the financing.