Miroslav Stoyanov of Phoenix had to push $188,000 above the askto win the 34-year-old complex at 1801 W. Tuckey Lane. BrianSmuckler of Marcus & Millichap Real Estate Investment BrokerageCo.'s Phoenix office says the offering generated seven offers inseven days.

"These were large townhouse units and a lot of interest camefrom condo converters and private capital apartment buyers aswell," says Smuckler, who represented the seller, Walter andCharlotte Berkman from Pacific Palisades, CA, The buyer ultimatelycame in with the best offer. "He came in with a large price. He'sin the market and a local buyer," he tells GlobeSt.com.

The buyer, represented by Ryan Ash of Marcus & Millichap'sPhoenix office, will convert the complex into condominiums. "Thisbuyer is traditionally an apartment investor and this is his firstventure into condo conversion," Smuckler says. "But this is one ofthese great deals--it's a good solid location, close to the futurelight rail. He felt there was enough there for a conversion."