Buyer Asya Bangiyeva took the 80%-leased complex at 1126 E. Maryland Ave. from Ethan Smith of Marina Del Rey, CA. "Bangiyeva was chosen as the buyer because he owns a property in the area, he was able to do a three-week deal and he had no financing contingency," says Brian Smuckler, a director with Marcus & Millichap Real Estate Investment Brokerage Co. He represented the seller while Dan Dulin in Marcus & Millichap's Phoenix office brokered the buy side.

Smuckler tells GlobeSt.com that the complex, with six vacancies at the close of escrow, traded at a cap rate of just 4.27%. "The buyer liked the upside potential and plans to make improvements to the property," he says.

Built in 1959 on 1.4 acres, Maryland East Apartments is comprised of five single-story buildings and one two-story building. Twelve units are individually metered and the balance is master-metered. In the past year, 50% of the units have been upgraded plus the complex got a new roof and plumbing for the pool. The mix has the two studios, 13 one- and 21 two-bedroom units, ranging from 500 sf to 1,000 sf. Monthly rents go from $450 to $725.