Larry and Anita Chapman of Milwaukee, OR is the seller. Mike Djordjevich of Mesa is the buyer. And, Ric Holway of Marcus & Millichap's Phoenix office was the broker for both sides of the transaction.
It's just another sale in the ongoing property exchanges in Phoenix's class B and C inventory. According to a multifamily analysis, rent will be flat this year while the market struggles with more product and high job losses. The gloom and doom report by Carrollton, TX-based M/PF Research, however, isn't trickling into the sales arena.
Transactions have been brisk from one end of the Valley to the other for at least a year, many of which are coming to fruition through 1031 exchanges by owners looking to trade up and take advantage of the current market conditions.
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