Walden Properties LLC, based in Addison, TX is the seller. The sale price equates to more than $78,300 per unit. Brokers Peter Katz and Darrell Moffitt, both of Marcus & Millichap's Phoenix office, have negotiated the sale.

The Lakeview at Ocotillo apartments is located at 4800 S. Alma School Rd. Last year, Chason had bought the Renaissance at South Mountain in south Phoenix and in 1998, it acquired the Ventana apartments in Scottsdale.

Lakeview at Ocotillo apartments are situated on the southern edge of one of the Valley's fastest- growing suburbs. The complex is just south of the Chandler Sports Complex and less than a half mile north of Sun Lakes, a popular retirement community.

Chandler has a vacancy rate somewhat higher than the rest of the Valley, 6.8% in comparison to 6.3% Valleywide, but that number is inflated by the number of new units being brought on line. Rent growth for apartments in Chandler had been among the best in the Valley in the first quarter, rising 4% over last year's figures. A Chandler apartment goes for an average monthly rental of $751 whereas it's $682 elsewhere in the Valley.