The Luis A. Macaya Trust/Checkmate LLC and Northridge Eight LLCfrom California paid $7.45 million or just $500,000 below the askfor the Verdana Apartments at 5704 W Thomas Rd. "The property hadbeen under contract with someone else. When it was clear this wassomeone not interested in performing, we brought someone else in,"explains Julie Vaughn, senior vice president for Sperry Van Ness'Paradise Valley, AZ office. She represented the buyer and theseller, BNR Veranda Associates of Seattle.

Vaughn tells GlobeSt.com that the California group came alongwith a very strong offer as well as up-front non-refundable money."This is something new in Phoenix," she says. "You usually don'tsee non-refundable money put down, at least, until the financing isin place."

The 10-building complex was developed in 1986 on 5.36 acres. Itwas 95% occupied at closing. The unit mix is 80 one-bedrooms and 76two-bedroom, with monthly rents ranging from $490 to $650.