Forrester tells GlobeSt.com that Greentree Place Investors hadowned the complex since 2001 and decided to sell the property totake advantage of the demand in the market. The 17-year-old complexwas Greentree Place Investors' only apartment asset in Arizona.

"Chandler is one of the more dynamic markets in our city, andthe property saw quite a bit of interest," Forrester says. "Thebuyers see the market here turning around. It's starting torecover." He adds that the buyers plan to hold the community as along-term investment.

Situated on 15.2 acres at 250 South Elizabeth Circle justsoutheast of Downtown, Greentree Place is a garden-style complexbuilt in 1987. "It has a lot of class A features, even though it'snot a class A complex and it was built a while back," Forrestersays. The complex includes 9-foot ceilings, washer/dryer hook-upsin every unit and large floor plans.