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FLAGSTAFF, AZ-A Southern California family trust has closed onits second area asset, paying $28.5 million for the LodgeApartments, a 252-unit, class A complex. The two-year-old projectwas 95% leased at sale time.

David Fogler, senior vice president in Grubb & Ellis|BRECommercial LLC's Phoenix office, says the San Diego-based BasshamFamily Trust ultimately beat nine other offers for 3601 Lake MaryRd. property due to its familiarity with the area and willingnessto assume a $19.3-million HUD loan. He says the assumed debt can'tbe prepaid until 2009, but it is locked at a 6% interest and40-year amortization.

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