"Obviously the architecture of the building is very nice. It's a real attractive property for a pretty reasonable cost per unit. The cost per unit here is $28,000, which is $10,000 to $14,000 less than Tucson's average," Nathaniel Buus, a broker at Grubb & Ellis/BRE Commercial's Tucson office, tells GlobeSt.com. Buus works with Mike McClain, who represented both parties in the deal.

The 11-building Tamarack Apartments sit at 1111 W. St. Mary's Rd., a mile west of the University of Arizona and a mile east of Pima Community College. The two- and three-story buildings were constructed in 1985 and are almost entirely comprised of one-bedroom units, with only 30 two-bedroom units. Rents range from $399 to $619 per month. The complex was only 5% vacant at closing, beating the market average of 9% for multifamily properties. Amenities include a weight room, laundry facilities, pool, racquetball and tennis courts and a club house.

Jenco Tamarack--comprised of two Tucson investors--obtained a $5.7-million, five-year acquisition loan from La Jolla Bank of La Jolla, CA, at 2.75% over the Federal Home Loan Bank's Eleventh District Cost of Funds Index and placed 24% down at closing, according to Buus.