"Once it went under contract, out went the tenants," Dan Dulin,a multifamily specialist at Marcus & Millichap in Phoenix,tells GlobeSt.com. "The seller could not get his arms around theproperty. It seemed to be falling to pieces during escrow, but wehad avery motivated buyer."

Gary Kurt of La Jolla, CA, emerged the winning bidder out ofthree offers secured during a four-month marketing period for 3703N. 9th Place. Dulin says he picked up the listing from anotherbroker and increased the asking price significantly despitereservations by seller Ioan Tanca of Vancouver, WA. The sales pricewas $495,000, though the final deal closed $15,000 less once theseller, who acted as his own broker, took a commission on the deal.Escrow lasted 65 days. Kurt obtained acquisition financing from theBank of Internet USA in San Diego.

Built in 1962, the complex had four vacancies at sale time. Thebuyer plans to spend $25,000 on immediate renovations. The sevenone-bedroom units and four two-bedroom units have rents of $475 to$575 per month.