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TUCSON-The second time became the charm for a Chicago-based buyer, who bought the 200-unit Arcadia Gardens Apartments after another investor's contract fell out. The class B asset on the city's east side has sold for $12.9 million in an all-cash deal.

Jason Buxbaum, a broker with Amercon Realty Services Inc. in Scottsdale, says DRA Advisors LLC of New York City has sold its last asset in the area after seven years because a fund is closing. Buxbaum, who brokered the sale between DRA and Water Tower Development LLC, says the 97%-occupied complex at 7887 E. Uhl St. fell out of escrow after its first run on the market, which generated 11 offers.

"In this capital environment with Libor going up as it has, it wasn't surprising," says Buxbaum, who teamed with Amercon colleague Steven H. Goldstein for the transaction. "We didn't bring it back to market the second time, but went back to the top four bidders."