PHOENIX-A pair of San Diego-based investors have added to their downtown Phoenix portfolio with the acquisition of Continental Apartments for $2.1 million in an off-market transaction. Built in 1965 and located at 3009 N. 3rd St., the four-building property is 94% occupied.According to Kevin Rille, senior advisor with Sperry Van Ness' Phoenix office, the buyers, Dana and Heather Robinson, doing business under the name Continental Apartments LLC, now own a total of 80 units with the transaction. "Lexington Court is their other property," adds Rille, who represented the buyers; while Sperry Van Ness colleague Eric Guina represented the seller, Maurice Stewart of Pasadena, CA.Rille tells GlobeSt.com that he's been working with the buyers for awhile, and when the seller was contemplating retirement from real estate, "it was a good fit, and the whole thing fell together nicely."He adds that the buyers are attracted to downtown Phoenix's growth, and because of that, are seeking other investment opportunities in the area. The property offers 40 studios at 500 sf and eight one-bedroom units, measuring 770 sf. Rental rates were not available at press time.Rille notes that the new owners' plans are to improve the property's management structure and make minor cosmetic upgrades. "The buyers aren't planning immediate or major improvements to the property," he adds. "But as downtown grows, this could end up being a good condo opportunity.