Shorewood Encanto LLC acquired the property from DM Investments Management LLC of Foothills Ranch, CA for $66,667 per unit. "The buyer is a long-term holder that really liked the growth in the area and the uniqueness of the property compared to other properties in Metro Phoenix," says Brian Smuckler, director with Marcus & Millichap Real Estate Investment Brokerage Co. Situated on less than an acre at 3601 N. 5th Ave. in Central Phoenix, Shorewood Apartments has seven 995-sf, one-bedroom units and the balance are 1,300-sf two-bedroom designs. There was one unit empty at the close of escrow for the 45-year-old complex. Monthly rents range from $560 to $700.

"The property possesses some of the largest units and highest rents in properties of this size," Smuckler tells GlobeSt.com, adding the layouts have a condo feel with full dining rooms, eat-in kitchens, solid oak cabinetry and retro appliances. He characterizes the property as a "pride of ownership" investment, which was sold for $25,000 less than the ask.