"We gave an enormous amount of tours," says Mark Forrester withHendricks & Partners' Phoenix office, who partnered with ArtWadlund of the company's Tucson, AZ office to represent the seller."I think people are seeing values in Phoenix as prices begin toshift. Given the ask on this, potential buyers think the marketwill start to improve over time."

Forrester tells GlobeSt.com that Villagio Apartments at 1133 W.Baseline Rd. had been upgraded within the past two years and was ingood condition at the time of the sale. He points out that thebuyer also owns other assets in the area. "They were a strong buyerthat made a good offer," Forrester comments.

Before its foreclosure, the 25-year-old Villagio Apartments hadbeen owned by Bronco Real Estate Corp. of San Rafael, CA. Broncohad acquired the complex, then known as La Contenta, for $41million in July 2006, and changed the name. Thomas Fair, who headsup Bronco Real Estate confirmed a recent report in Business RealEstate Weekly that the company had defaulted on a $39million loan secured by the property late last year.