"They felt like this was a good opportunity. They could not findany good opportunities like this in Southern California," KarlAbert, a senior associate and director of the nationalmulti-housing group at Marcus & Millichap in Phoenix, tellsGlobeSt.com. Charles and Cynthia Eberly of Beverly Hills, beatingout four other would-be buyers, entered escrow on the property twoweeks after it came to market, says Abert. The fact that they wereable to close under 30 days with the highest bid--plus a 30% downpayment--all proved a bonus to the seller.

The deal closed at $300,000 less than the list. The buyersobtained a 15-year, $1.9-million loan from Washington Federal Inc.of Seattle at 5.75% for the first three years and adjustable to6.75% for the remainder of the term.

Located at 330 S. Beck Ave., Reserve at Town Lake was built in1981. It consists of three two-story buildings with 24 one-bedroomapartments, each 720 sf and renting for $525 per month, and 31two-bedroom apartments in a 925-sf floor plan for $675 per month.Seven units were vacant at closing, slightly higher than thesubmarket vacancy rate of 9%, Abert says.