"We were on the market for a very short time with this, lessthan four weeks," explains selling broker Cindy Cooke, senior vicepresident with Colliers International's Phoenix office. "We had 28offers on it."

Cooke tells GlobeSt.com the bidders ranged from family trusts,to sponsors with equity. Ultimately, the San Jose-based NorthwindProperties won out because of a high down payment on the asset at8902 N. 19th Ave. and "how quickly they were willing to removecontingency and go non-refundable with the deposit," notes Cooke,who worked with Colliers Phoenix office vice president Brad Cookeon the transaction. She goes on to say that the property wasseller-financed with a $10 million loan.

Morgan Park is 90% occupied. Situated on 12 acres, the assetoffers one-, two- and three-bedroom units ranging from 465 squarefeet to 911 square feet. The property underwent an extensive $3.2million renovation in 2006 and 2007.