Cristian and Magdalena Covaciu of Phoenix are touted as income property entrepreneurs. Their $850,000 purchase of the 22-unit Ward Manor Apartments at 3605 N. 36th St. in Phoenix is the last leg of a 1031 exchange involving the sale and purchase of four properties.

In February, they sold the 45-unit Tamarack Shadows Apartments in Phoenix for $1.5 million. March brought the sale of the 28-unit Sun Ray Apartments, also in Phoenix, for $1.1 million. At the end of May, they used $2 million to buy the 45-unit Hillside Terrace and just now applied the balance to the acquisition of the Ward Manor Apartments.

All of their negotiations were handled by a team of brokers--Paul Gross, Todd Braun and Brett Polachek--from the Phoenix office of CB Richard Ellis Inc. A CBRE source tells GlobeSt.com that the Covacius exchanged the properties to improve the location and quality of their portfolio, a typical reason for such a series of shifts.

Built in 1986, the Ward Manor Apartments are two-bedroom, one-bath layouts. Unit size totals 800 sf, with the going rate about $500 per month. The property provides value-add opportunities through renovations and rent increases.

Gong Family Trust of Granada Hills, CA are the sellers. They too were represented by the CB Richard Ellis team.

James and Christine Fisher of Sun Lakes used the proceeds from a California sale to buy the 15-unit Scottsdale Shadows complex at 3219 N. 67th Place in Scottsdale. The couple spent $577,150 for the complex, which has an average unit size of 700 sf. The monthly rent of $460 provides upside potential for the buyers.

The Fishers were self-represented in the purchase of the single-level, circa-1958 complex. The Scottsdale sellers, Jay and Carol Schneider, were represented by Braun and Polacheck.