Mountain Manor Apartments was sold by Glenn and Kathryn Gasser of Phoenix, who had owned the property for more than 25 years. Mountain Manor Apartments is positioned near the centerpoint of the Valley, on the border near Scottsdale and Tempe.Three of the Valley's most extensive freeways--Loop 202, Interstate 10 and the Superstition Freeway--are all within a few miles of the complex. Downtown Tempe and Arizona State University are three miles to the east and Sky Harbor Airport is about a mile and half to the southwest.

The price paid for Mountain Manor Apartments, $29,625, is less than the average paid during 2000 for apartments that are 25 year old or older. The average price paid for apartments built in 1974 and earlier had been $36,988 per unit during 2000. Broker Darrell Moffitt of Marcus & Millichap's Phoenix office has represented the seller, while Rich Butler in the same office has acted on behalf of the locally based buyer in the transaction.