Right Place also provided an additional $375,000 to D&M to wipe out the firm's defeasance of its existing conduit loan serviced by GMAC Commercial Mortgage, says Joseph Yu of Scottsdale-based Advanced Equities Investment Real Estate Services Inc. He and colleague Scott Barrie represented D&M. Right Place was represented internally by Kevin Peck and Nathan Jacobs.

Yu tells GlobeSt.com that Los Olivos Apartments received a dozen offers because of its stability and nice unit mix. Built in the mid-1960s, the 64-unit class B apartment community boasts 48 two-bedroom units of 1,080 sf and 16 three-bedroom units of 1,240 sf.

The complex was 98% occupied at closing. "During the entire four-month escrow, the complex maintained an average of 96% to 100% occupancy in a market where 15% to 20% vacancy is not uncommon," Yu says. Currently, the complex leases for about $650 to $850 per month. Conversion plans have not been determined yet, Yu says.