The two families--one from Southern California; the other fromNorthern California--paid Pershing Pointe Association, theproperty's original developer, nearly $8.2 million, or about$56,701 per unit and $54.84 per sf. "They stepped to the plateimmediately," Darrell H. Johnson, a senior broker at locally basedSmith Equities Corp., tells GlobeSt.com. Johnson handled both sidesof the transaction.

Average rents at the concrete block-constructed complex at 4304Pershing Point Place are $675 per month. The apartments are alltwo-bedroom, two-bath units with average living areas of 1,034 sfand individually metered utilities.

The deal took 90 days to complete from contract signing toclosing. There were "no environmental or governmental challengesthat buyer or seller had to overcome" before closing thetransaction, Johnson says. The $56,701-per-unit price is aboutaverage for a comparable concrete-block constructed property, thebroker tells GlobeSt.com. "But considering these are all 2/2s, theprice per foot at $54.84 was a bit lower than average," hesays.