Art Wadlund with Hendricks & Partners' Tucson office says the 25-year-old complex at 2801 N. Oracle Rd. had been on the market for more than a year and already under contract once before falling out of escrow. "We had a couple of people after that making bids, but we ended up choosing this buyer because he had the best chance of closing," says Wadlund, who brokered the transaction. "we were right." He tells GlobeSt.com that the buyer obtained financing from HSBC Bank USA Inc. of New York City.

Cambridge Village Apartments is situated on 6.85 acres. The 12, two-story buildings has studios, one- and two-bedroom apartments. Monthly rents are from $390 to $675, while units measure between 391 sf for studios to 939 sf for two-bedroom units.

City Hall Realty's sale of Cambridge Village Apartments leaves one remaining asset in its portfolio, the 165-unit Sunpointe Gardens at 2727 N. Oracle Rd., located next door. "We're actively marketing the property, but there is no call for offers at this time," Wadlund says.

Wadlund says New City put the portfolio on the market following a four-year hold because the partnership was disbanding. Within the past year alone, the seller has disposed of the 290-unit Metro Village Apartments at 3106 W. Vogel Ave. and the 160-unit Parkwood Apartments at 5656 N. 17th Ave., both in Phoenix; and the 258-unit Sierra Vista Apartments at 3535 N. First Ave. in Tucson.