Eddie Chang with Sperry Van Ness' Phoenix office says the Morawa Family picked up Heatherbrae Apartments at 6101 N. 60th Ave. in a 1031 exchange. The family turned around gain from the sale of Christown Gardens in Phoenix, one of a handful of two- and four-unit complexes that the buyer owns in the metro.
"They liked the condition and the location and felt Glendale was really turning the corner," Chang says. The property, located at 50th Avenue and Bethany Home Road near the Loop 101, was purchased from Zook Development, a Phoenix investment group that paid $1.25 million just a few months earlier, rehabbed the complex and turned a quick profit with the sale to the private investors.
The acquisition was a sweet deal for the new owners, who picked up the complex for about $44,000 per unit, an unheard of price in the Phoenix market as of late, according to Chang. The class C complex is comprised of 10 single bedroom and 28 two-bedroom units with monthly rents ranging from $425 to $550.
In addition to Chang, the buyer's team included Julie Vaughn, also with Sperry Van Ness. Jim Jones of the Jones Group in Phoenix represented the seller.
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