DENVER-While the local economy is at the bottom, an SVP at Marcus & Millichap suggests that the apartment market has all the symptoms of a "perfect storm," rising vacancies, overbuilding, a slow economy and low mortgage rates. He predicts vacancy rates won't go under 7% until at least 2005.

DALLAS-The 50-unit Villa Garrett replaces a six-unit complex in San Diego as a Tucson investor marks his first buy in Texas. The seller closes the book on a two-year repositioning and an apartment portfolio.

INDIANAPOLIS-The Chicago-based REIT acquires two industrial buildings here located in the northwest submarket from TA Associates on behalf of a public pension fund. The sale price is estimated at $11.5 million.

NEW YORK CITY-Search engine giant Google expands its presence in Manhattan by subleasing an additional 23,136 sf at 1440 Broadway. Google has upped its space in the Times Square-area building to 46,272 sf.