(To read more on the multifamily market, click here.)

CHANDLER, AZ-With assistance from an active multifamily propertymarket, a Las Vegas property owner has sold the 221-unit PalmTrails for $21.95 million, getting $2.7 million more than theask.

According to Chuck LaBenz, vice president with Phoenix-basedHendricks & Partners Inc., the property was marketed about 60days, but ended up with a long stay in escrow before the dealclosed. During the marketing period, however, the seller, HeersDemaree LLC, received 10 to 15 offers for the 99%-leased complex at235 E. Ray Rd.

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