Parker Miller of Colton, CA picked up the Rosewood Apartments, a 1985-vintage, garden-style development at 5810 S. 40th St., just one week after it another buyer backed out of the deal, Brett Polachek with CB Richard Ellis Inc.'s Phoenix office tells GlobeSt.com. The complex is comprised of 51 studio apartments renting for $450 per month apiece and a single three-bedroom unit used by the on-site manager.
"It's a well-maintained property in an area that is showing growth," says Polachek, noting the complex had just two vacancies at the time of sale. Polachek along with Todd Braun, also with CB Richard Ellis, represented both buyer and seller, Betty J. McKenna of Higley, AZ, in the transaction.
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