Robert L. Dossey & Co. Inc. traded out of a six-unit complex in Southern California to make the acquisition in the Valley, says Bret Zinn, a broker with Colliers Classic in Phoenix who represented the buyer. Christine and Craig Evans, also from San Diego, were the sellers of 1595 W. Mountain View.

"This is a great value-added play," Zinn tells GlobeSt.com. "The buyer liked that the property was in poor condition and wasn't renting well because now he can come in and make repairs and update the property so that it can be competitive in the marketplace."The 13-unit complex, built in 1954, consists of two single-story buildings with 11 one-bedroom units and a pair of two-bedroom apartments. The 450-sf one-bedroom units rent for $400 per month while the two-bedrooms, each 550 sf, get $450 per month. The complex is 60% occupied.

According to Zinn, Dossey will redo the parking lot, add landscaping, paint the exterior of the buildings and bring all of the units to rent-ready condition. Dossey obtained an acquisition and renovation loan from Phoenix-based Merchants Funding LLC to acquire Mountain View Apartments.