"The property was performing better than the market," Brian Smuckler, a seniorassociate at Marcus & Millichap's Phoenix office, tells GlobeSt.com. "There was a lot of interest because the numbers were so strong."

Thirty days of marketing generated 10 offers, saysSmuckler, and Camino Village LLC of SantaBarbara, emerged the winner. The 75-daytransaction hinged on the buyer's Fannie Mae loanacquired at 75% of cost and 5.87% interest. Marcus &Millichap Capital Corp. of Palo Alto, CA, arranged theloan. The balance was funded with exchange money.

Located next door to each other, the 4.5-acre Camino Village I and IIwas constructed in two phases in 1979 and 1984 and consists of 75,400 sf, mostly in two- andthree-bedroom units. The property's sub-3% economicvacancy with no concessions was especially luring tothe buyer, who intends a long-term hold, saysSmuckler. Marcus & Millichap represented both the buyer and seller, ATCOPhoenix Associates LP of New York.