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PEORIA, AZ-An investment group from Southern California has increased its holdings in the area, buying the 198-unit Northwest Garden for $15 million. The buyer, fueled with 1031 exchange proceeds, has beat out five other offers for the 90%-leased, class B complex.

According to Ric Holway, vice president with Marcus & Millichap Real Estate Investment Services' Phoenix office, Northwest Garden at 9350 N. 67th Ave. offered Southwest Equity Partners an opportunity to upgrade its portfolio. Southwest Equity had sold the 186-unit Park on Osborn at 1502 E. Osborn Rd. in Phoenix for $12 million. "He traded out of a 1953 product into something that's much newer and has more amenities," says Holway, who represented the seller, Holualoa of Tucson.

Holway tells GlobeSt.com that Holualoa liked the fact that Southwest Equity, which was self-represented in the transaction, could verify funds. The seller also liked the buyer's experience in the submarket and its due diligence on the deal. "This is what really inspired the seller to move forward on the deal," he adds.