Apartments sell in Desert Southwest

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Marcus & Millichap negotiated the sale of the 257-unit Casa Real Apartments in Phoenix. The value of the transaction was $12.2 million. Casa Real Apartments was built in 1986 and is located at 3816 N. 83rd Ave. The property consists of 32 one- and two-story buildings on approximately 11.8 acres. The garden-style apartment community offers two swimming pools and spas, laundry facilities and barbecues. The complex consists of 60 one-bedroom/one-bath units, 177 two-bedroom/two-bath units and 20 three-bedroom/two-bath units. Neither the buyer nor seller's identity was disclosed. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** What's your opinion? Send your Letter to the Editor to