Exchange buyers Gary and Janet Beckerman of Studio City, CA traded a Southern California multifamily for the 79-unit Crestwood Villas Apartments, beating out two other bidders, including one who also offered full price, to win a complex that was more than 90% occupied, Todd Braun in the Phoenix office of CB Richard Ellis Inc. tells GlobeSt.com.

"They were able to put long-term, low-interest debt on the property and the belief is that through management and an improvement in the overall apartment market, they'll do very well," Braun says, noting the buyers' ability to quickly close on the deal sealed the transaction.

The single-level, 79,200-sf complex, located at 6601-6608 and 6615-6716 E. Avalon Dr., features three swimming pools, covered parking, on-site laundry facilities and a mix of one-, two- and three-bedroom units with rents averaging about $675 per month.

Braun says the buyers selected the property, built in 1967, because of its good operations, large units averaging more than 1,000 sf, and low density location at 67th Street and Thomas Road in the heart of Scottsdale. The ability to put new financing on the complex also helped in their decision, he adds. The couple purchased the property for investment purposes from Avalon Properties Corp. of Scottsdale.

Braun and CBRE's Paul Gross represented the seller in the transaction. Jim Huang of Marcus & Millichap's Los Angeles office handled negotiations for the buyers.