Jabez Properties LLC in Long Beach, CA handed the deed to Encanto Partners LLC of Tempe. Rancho Encanto, located at 3001 and 3007 N. Black Canyon Highway, was built in the late 1970s and was 40% occupied at sale time. "There was a definite vacancy issue here so we're working on that. And, we've already been able to increase occupancy by 10% since closing," says Sean O'Carroll, a principal in Encanto Partners LLC.

The complex contains four studios with 338 sf each; 41 one-bedroom units, averaging 630 sf; 167 two-bedroom apartments, 840 sf on average; and a pair of three-bedroom floor plans with 960 sf. The monthly rent is running $585 to $595.

"The most attractive feature of this particular property is that 78% of it is made up of two-bedroom units," O'Carroll tells GlobeSt.com. In addition to remarketing the property to boost vacancy, O'Carroll and his partners plan to renovate the complex although he could not, as yet, assign a dollar figure to it.