A mixed economic market is an economic market that provides protection of the private properties and renders freedom to the economy too. It also provides permission to the government to intervene in economic transactions and activities. The elements of capitalism and socialism can be observed in this type of economy.
The economy in which Joe lives can be termed to be a mixed market economy. His plan to purchase the apartment house is equivalent to purchasing the private property. At the same time, the role of the government is also prevalent as it has to undergo the system as per the guidelines of the government. The property that Joe would purchase would be his private property.
