Robert Bard, principal of Select Suites-Biltmore Center LLC,turned over a 96%-leased complex, developed in 1982 at 4341 N. 24thSt., to Ron Hassid of Silver Developments LLC, also from LosAngeles. "The seller held the property for almost 10 years and awindow of opportunity was presented with the condo conversions,though that's slowing up," Ron Monat of Marcus & Millichap RealEstate Investment Brokerage Co. in Phoenix tells GlobeSt.com.

Monat says the deal came about due to already establishedrelationships with both sides. "I was working with the seller onseveral other deals," the deal's sole broker explains. "Because ofthat, it gave me the opportunity to submit the buyer before theseller was going to list it."

Although the seller received a nice amount for the complex,Monat points out that the buyer benefited as well. "This is a greatlocation, about five blocks from Camelback. Just behind thisproperty on 25th street is a new housing development, attractingmore buyers," he says. Situated on four acres, Biltmore Centerfeatures a mix of studio, one- and two-bedroom apartments,measuring 400 sf to 860 sf. The monthly rents go from $539 to$799.