"There are definitely upsides," Brian Smuckler, a senior associate with Marcus & Millichap of Phoenix, tells GlobeSt.com about the acquisition by Edward F. Streit of Chicago. "The buyer is looking to reposition the building. It was really mismanaged."

Located at 6545 N. 19th Ave., Brookfield Terrace is a single, three-story building with 135 one-bedroom units. It is one of the few multifamily complexes in the market with interior hallways, Smuckler says, and was owned by the developer at sale time. The deal closed at 91% of the list price with a 5.91% cap rate. Nineteen units were vacant at closing.

Mismanagement over the past year had prompted a dip in rents at the complex, says Smuckler, which presently range from $495 to $595 monthly. The previous owner initiated improvements, including new Berber carpet, cabinets, tile and appliances in about a third of the units. The new owner plans to finish the renovation plan and include facade improvements.