"This is their first buy in Phoenix… they found it very difficult to make a purchase in California that made sense for them, so they came to Phoenix where there are buying opportunities," says David Fogler, SVP of Grubb & Ellis-BRE Commercial LLC, who represented Leo Ventures in the transaction along with Steve Nicoluzakis.

Fogler tells GlobeSt.com that Hope of Montebella expects to generate some upside from improving the property's operations. "The buyer looked at the complex as a combination of providing a decent cashflow and a good opportunity for them to go in and run it differently and create some value--they're going to manage the property themselves and that's where they feel the opportunity is," he says. He adds that Leo Ventures found it increasingly difficult to managethe property from London.

According to Fogler, the buyer "liked the location and the attractive price per unit for the quality of the asset." The 221,720-sf courtyard-style complex sold for roughly $39,500 per unit. It offers 80 two-bedroom units and 20 one-bedroom units. The average unit sizeis 700 sf, and the average rental rate is $600 per month.