"They felt like this was a good opportunity. They could not find any good opportunities like this in Southern California," Karl Abert, a senior associate and director of the national multi-housing group at Marcus & Millichap in Phoenix, tells GlobeSt.com. Charles and Cynthia Eberly of Beverly Hills, beating out four other would-be buyers, entered escrow on the property two weeks after it came to market, says Abert. The fact that they were able to close under 30 days with the highest bid--plus a 30% down payment--all proved a bonus to the seller.

The deal closed at $300,000 less than the list. The buyers obtained a 15-year, $1.9-million loan from Washington Federal Inc. of Seattle at 5.75% for the first three years and adjustable to 6.75% for the remainder of the term.

Located at 330 S. Beck Ave., Reserve at Town Lake was built in 1981. It consists of three two-story buildings with 24 one-bedroom apartments, each 720 sf and renting for $525 per month, and 31 two-bedroom apartments in a 925-sf floor plan for $675 per month. Seven units were vacant at closing, slightly higher than the submarket vacancy rate of 9%, Abert says.