Los Angeles-based Milo Webber is the seller of the 22-year-old complex, located on a two-acre parcel. The property had been 90% leased at sale time. The apartments are just north of Thomas Road near the Desert Palms Power Center in Phoenix, about 2.5 miles from the Squaw Peak Parkway.

The buyers paid a little less than the average for an apartment of that age. Apartments in Phoenix built between 1975 and 1979 had been selling for $29,218 per unit at the start of the year, according to a survey by Hendricks & Partners.

Apartments in the east Phoenix area are renting well, with an overall vacancy rate of 6.2% in comparison to a marketwide vacancy rate of 6.6%. The average monthly rent for an apartment in east Phoenix had been $708 at the start of the year. The Phoenix office of CB Richard Ellis, with brokers Todd Braun, Paul Gross and Brett Polachek, negotiated the sale for both parties.