The single-story apartment building was 94% occupied when Mehmed Kozlica signed the final acquisition papers. Bonnie Simpson of Benson, AZ was the seller.
Todd Braun and Brett Polachek, both of the Phoenix office of CB Richard Ellis Inc., negotiated the sale for buyer and seller. In a prepared statement, the brokers said Kozlica decided to purchase Arcadia Court because of its central location and low price per unit. The new owner bought the complex as an investment and plans to rehabilitate the 45-year-old property. Neither broker could be reached by press time for additional comment.
The Phoenix market is getting hit hard as its occupancy slips to below 2000 levels, according to M/PF Research, a nationwide firm based in Carrollton, TX. The firm's latest Phoenix Apartment Report pegged occupancy at 92% and dropping--and that was a few months ago when it was riding 3.9% under the 2000 close. The metro region's rent is forecast to remain flat this year while building owners aggressively compete for tenants. The metro Phoenix average rent is now $687 per month.
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