"This was not a typical real estate transaction," RichardButler, an investment specialist at Marcus & Millichap inPhoenix, tells GlobeSt.com. "It was a nonprofit organization thatowned it. It's an affordable-living property in Tucson. They addedboard members who invested money into the complex and earned theright to take over the decision-making process for theproperty."

Brian and Nouria Edwards of Van Nuys, CA, purchased the 1502 S.Columbus Blvd. property in the south-central submarket after beingelected to the board of directors of Firm Foundations, aPhoenix-based organization that builds affordable housing aroundArizona and the US. Their investment in the 93%-leased complexessentially allows them to control its business operations althoughFirm Foundations Columbus Village Inc. will remain as the ownershipentity.

The Edwards' investment also makes them responsible for makingpayments on a 30-year, $12.4-million HUD loan provided at about6.5% interest when Firm Foundations first purchased the property in1998. More than $1.5 million was immediately funneled intoextensiveinterior and exterior renovations at that time, totally revampingthe property.