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GLENDALE, AZ-A San Rafael, CA private investor has collected $6.45 million or $150,000 more than the ask of the 120-unit Maryland Gardens. The Northern California seller, just like the buyer, is working a 1031 exchange with the gain.

Dan Dulin, a senior associate in Phoenix and associate director for the national multi-housing group of Marcus & Millichap Real Estate Investment Brokerage Co., says the Maryland Gardens at 4529 W. Ocotillo Rd., was on the market for only a week. “We took the first offer that came along,” says Dulin who, with colleague Ric Holway, brokered the deal on behalf of the seller, Miko Davis. Maurice Benitah of Re/Max Real Estate Consultants in San Diego represented the buyer, Max Moyal.

The 92%-leased mix consists of 72 one-bedroom units with 624 sf to 744 sf and 48 two-bedroom apartments, each 876 sf. Rents run from $499 to $639 per month.

Dulin tells that the property, completed during the 1980s, doesn’t need much in the way of renovations. “It was already in pretty good shape,” he adds.

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