PHOENIX-A local investor has purchased an apartment complex in central Phoenix for $1,457,000.

Scottsdale-based Priority Investments purchased the Crest Apartments, a 47-unit complex at 6702 N. 17th Ave. The sale price equates to $31,000 per unit. The complex is about a mile east of Interstate 17, just north of Chris-Town Mall.

The seller, R.L. Chapman LC of Chestnut Hill, Massachusetts owned the property for two years prior to the sale.

The Phoenix office of Marcus & Millichap represented both principals in the transaction.

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