Jabez Properties LLC in Long Beach, CA handed the deed toEncanto Partners LLC of Tempe. Rancho Encanto, located at 3001 and3007 N. Black Canyon Highway, was built in the late 1970s and was40% occupied at sale time. "There was a definite vacancy issue hereso we're working on that. And, we've already been able to increaseoccupancy by 10% since closing," says Sean O'Carroll, a principalin Encanto Partners LLC.

The complex contains four studios with 338 sf each; 41one-bedroom units, averaging 630 sf; 167 two-bedroom apartments,840 sf on average; and a pair of three-bedroom floor plans with 960sf. The monthly rent is running $585 to $595.

"The most attractive feature of this particular property is that78% of it is made up of two-bedroom units," O'Carroll tellsGlobeSt.com. In addition to remarketing the property to boostvacancy, O'Carroll and his partners plan to renovate the complexalthough he could not, as yet, assign a dollar figure to it.

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