"It was well-occupied and well-managed and maintained so the numbers made a lot of sense," Brett Polachek, a senior associate with CB Richard Ellis Inc. in Phoenix, tells GlobeSt.com about the acquisition by Californian Teresa Welborn. The seller was the estate of Sharon Spiess of Pendleton.

Built in 1962, the 28-unit Plaza West is located at 3410 W. Rose Lane and features 16 one-bedroom units and 12 two-bedroom units with a den. Rents range from $460 to $620 per month. Welborn intends to convert the two-bedroom units with dens into three-bedroom units in order to charge more rent, Polachek says. The two-building complex was 93% occupied at closing.

The property is located directly across the street from a Wal-Mart-anchored retail center currently under construction, says Polachek. He adds that Phoenix's central west submarket's primarily residential make-up makes repositioning a good bet for Plaza West. Polachek and CBRE's Todd Braun represented Welborn in the deal. The estate used in-house representation.