Local investors F.A. and Judy Baker had purchased the propertyin December 1997 for $605,000, according to public records examinedby GlobeSt.com. That equates to a 61% profit after owning it forless than three years.

"It's indicative of what is going on with this market," saysTerrance Hunt, the Grubb & Ellis broker who sold the property."They sold a property built in 1961 for $57,000 per unit and tradedit for a 54-unit project in Tucson. They paid $18,000 a unit forthe Tucson property, which was a 1980s property. It shows you thedifference between the two markets."

Still, Zephyr Street Apartments is a perfect fit for FamilyHomestead, which Hunt says provides housing for people who oftenhave just left shelters. The project is on a dead-end street nearthe intersection of two major roads, West Colfax Avenue andWadsworth Boulevard, and is next to a proposed light rail line.