"It's a great location on the corner of a really good street. The property had an extremely high occupancy at closing, over 95%," Art Wadlund, a partner at Hendricks & Partners' local office, tells GlobeSt.com. The complex at 3636 N. Campbell Ave. generated some 15 offers during a three-month marketing campaign that eventually led to a two-month escrow. The seller, South Washington Associates LLC of Shelton, WA, decided to unload the property as a result of the partnership's dissolution.

The first-time Arizona buyer, Tucson Sunrise LLC of Seattle, closed $150,000 below the asking price, according to Wadlund. The buyer obtained a 10-year, $4.7-million loan from Southfield, MI-based EF&A Funding LLC at a 5.55% interest rate.

The 31-year-old, hotel-style Sunrise consists of 63 studio units, 69 one-bedroom units and 35 two-bedroom units, averaging 580 sf. Monthly rents average $540. Planned improvements include repainting and roof repair for the eight buildings as well as a facelift of existing deck work. Sunrise's vacancy was less than 5% at closing, better than Tucson's market average for multifamily properties, Wadlund says.