Cal State Investments Ltd. of Palos Verdes outbid several other prospective buyers to win the 71-unit property, Paul Gross, with CB Richard Ellis Inc.'s Phoenix office tells GlobeSt.com. "There was a significant amount of interest in the property," Gross said of the recently renovated 6805 N. 27th Ave. building. "It was really an attractive, well-maintained property."

Seller, the Miral Corp. of Scottsdale, has owned the property for several years, but put it on the market about three months ago, Gross said. "The sellers continued throughout the escrow period put money into the property," he said, noting that the 2 1/2-story, class C building, built in 1985, was in exceptional condition at the time of sale. The complex is designed with two-bedroom, one-bath units and features laundry facilities and a swimming pool.

Gross and Todd Braun, also with CB Richard Ellis' Phoenix office, represented the seller in the transaction. Gene Vollucci of Cal State Investments represented the buyer's interests.