Kevin Rille, a senior adviser in Phoenix for Sperry Van Ness acknowledged that the deal for the 8650 W. Peoria Ave. property was tricky to close due to conditions of the 5.15% fixed-rate loan. However, the listing did attract six offers during a month-long stint on the market. "The buyer had to put about 47% down on that loan," explains Rille, who with Sperry Van Ness' Bill Hahn, represented the seller, Suntree Acquisition LLC of Santa Barbara, CA.

Rille tells GlobeSt.com that buyer, Apogee Apartments LP, had to assume a loan, which expires in 2009 and is locked out from prepayment for another two years. Apogee, though, needed to make the close. "Basically, they had an exchange deadline they had to meet," Rille notes. "We were, in fact, ready to go under contract with another buyer, when these guys came in with a higher price." The buyer, represented by Don Smith of DM Smith Brokers in Newport Beach, had sold a multifamily property in Phoenix.

Suntree Apartments, built in 1984 on nearly 10 acres, was 90% occupied at sale time. The mix of one- and two-bedroom apartments, ranging from 650 sf to 977 sf, rent for $535 to $759 per month.

Rille says Apogee plans to hold the property as a long-term investment. "Basically, they'll run it and eventually pass it along to the children and grandchildren," he adds.