Nausher and Azmina Kanji sold the class C, 12-unit complex at 2326 Pinchot Ave. to Michael and Adina Luca, who intend to put at least $25,000 into repairs and take over the management duties, Ryan Ash, an associate with Marcus & Millichap Real Estate Investment Brokerage Co. in Phoenix, tells GlobeSt.com. The complex, built in 1958, was 75% occupied at sale time.

"The seller has no other holdings and decided to sell because they'd experienced a number of bad management companies in running this operation," says Ash, who brokered the deal with Phoenix colleague Brian Smuckler. "The buyers are local and hands-on so they can turn the property around. They'll put on a new roof and take care of other deferred maintenance in the units."

The complex consists of four one-bedroom apartments and eight two-bedroom units. The one-bedroom apartments, with 650 sf, have market rents of $475 per month. The 850-sf, two-bedroom units are bringing in $575 monthly.