A TIC buyer from Long Beach, CA made up of 14 investors, nabbed the 160-unit complex at 20251 N. 75th Ave. as two other buyers with higher offers waited in the background, Bob Bruno, a partner with Hendricks & Partners' Phoenix office, tells GlobeSt.com. "It was a nice asset in a great location and people liked it so much that there were backup offers on the property at a higher price," says Bruno, who partnered with the firm's Mark Forrester to broker the sale. "The buyer was the high offer at the time."

RK Multifamily Income Fund XV LLC purchased the property from Laguna at Arrowhead Ranch Apartments LLC, a company managed by PB Bell Cos. of Scottsdale. The complex, built by PB Bell in 1998, is the second multifamily property that the TIC's acquired in Arizona, according to Rick Summers, vice president of acquisitions for RK Multifamily Income Fund.

Situated on 8.3 acres, Laguna at Arrowhead Ranch consists of 11 two-story buildings, a mix of 56 one-bedroom, 76 two-bedroom and 28 three-bedroom apartments. The units--898 sf, 1,115 sf and 1,346 sf--are bringing in $770 to $1,100 per month in rent.