The complex, consisting of two phases at 851 S. Irving HeightsDr., was 92% occupied at sale time. "We sold this on a true 9 cap,"says John Barker, senior associate and director for Marcus &Millichap Real Estate Investment Services' national multi-housinggroup. As a result, the class C asset's final price was slightlyhigher than a run-of-the-mill peer.

Barker tells GlobeSt.com that the buyer rescued the play whenthe second of two contracts failed to clear the closing table."They came in at the right time with a very strong price andterms," he says. "We closed in 60 days."

The buyer financed the acquisition with an 80% loan-to-valuepackage from BMC Capital LP in Dallas, which had Steve Seiling asthe originator. Barker says the couple was on the downleg of a 1031exchange for a multifamily sale in Los Angeles that had closed twoweeks before placing the contract for the local purchase. Theseller of record is Casa Bella Village LP, also from LosAngeles.