Allan and Susanna Reust of Phoenix traded another nearbymultifamily property for the 12th Street Apartments, alltwo-bedroom units at 9223 N. 12th St. Mike and Marlein Malek, alsoof Phoenix, were the sellers.

Brett Polachek with CB Richard Ellis Inc.'s Phoenix office tellsGlobeSt.com that the buyers liked the property's location in aneighborhood that they were already familiar with from theirexchange investment. Rents at the complex, which average $605 permonth, also helped solidify the deal, he says.

Each unit in the apartment community has a two-bedroom,one-and-a-half-bath layout and is individually metered forelectricity. Both buyer and seller were represented in thetransaction by Polachek and Todd Braun, also with CBRE inPhoenix.

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