The just-won opportunity is Wheatland Terrace at 417 W.Wheatland Rd. It's one of largest multifamily sites in itsneighborhood, but it also has roughly half of its 23 buildingsshuttered. The 19.4-acre complex, spanning both sides of WheatlandRoad, was sold by a nonprofit organization that had held it nearlya decade.

"When the market tanked, it could never bounce back," JohnBarker, senior associate and national multi-housing director forMarcus & Millichap Real Estate Investment Services, tellsGlobeSt.com. The all-cash buyer, who specializes in distressedproperties, could realize a 35% to 40% increase in revenue postrenovation, he adds. The seller had completed renovations on 75units.

Barker and Marcus & Millichap associate Will Jarnagin spentone year marketing the 37-year-old Wheatland Terrace. The$4.4-million listing drew 30 offers, with one contract loss on theroad to the close. "It was one of the toughest ones I've had in afew years," he says. "But, this buyer was in escrow only 90days."