"We had a lot of interest because it's a major class A property in the city--it's a sexy deal," says Bob Bruno, a partner with Hendricks & Partners' Phoenix office. He tells GlobeSt.com that Biscayne Bay Apartments, located at 300 E. Warner Rd., received more than 20 offers.

The Falcon Southwest partnership was in a three-way tie with two other prospective buyers, but emerged as the winner because it offered the quickest close. Even then, it took nearly 90 days for the transaction to close, says Bruno, who teamed with Mark Forrester, also in Hendricks' Phoenix office, to broker the transaction. "It's a sizeable deal, which means that it takes longer to nail down financing," Bruno explains.

The 95%-leased Biscayne Bay sits on 30.7 acres slightly north of the Downtown. The gated complex, built in 2001, is comprised of 41 two-story buildings. It offers a mix of 124 one-bedroom units, ranging from 740 sf to 792 sf; 276 two-bedroom apartments, 960 sf to 1,121 sf; and 16 three-bedroom layouts with 1,320 sf apiece. Monthly rents run from $708 to $1,165.