New owner Jeff Berris purchased the vintage complex at 950 S. Terrace Rd. from a private partnership, Terrace Road Apartments LLC. of Phoenix. Broker Steve Nicoluzakis of Insignia/ESG's Phoenix office tells GlobeSt.com that the strategy is to reposition the 34-year-old property in the market. A new paint job, new clubhouse and new interiors are planned. "The buyer saw an opportunity to reposition the building," he explained. The four-building complex, which is fully occupied, rents for between $600 and $800 per month for one- and two-bedroom units, he said.
Berris, who recently purchased the Center Tree Apartments in West Phoenix, has undertaken similar projects in California, Nicoluzakis noted. Both buyer and seller were represented in the transaction by Nicoluzakis and Insignia/ESG managing director David Fogler.
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