Allan and Susanna Reust of Phoenix traded another nearby multifamily property for the 12th Street Apartments, all two-bedroom units at 9223 N. 12th St. Mike and Marlein Malek, also of Phoenix, were the sellers.
Brett Polachek with CB Richard Ellis Inc.'s Phoenix office tells GlobeSt.com that the buyers liked the property's location in a neighborhood that they were already familiar with from their exchange investment. Rents at the complex, which average $605 per month, 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 for electricity. Both buyer and seller were represented in the transaction by Polachek and Todd Braun, also with CBRE in Phoenix.
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