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PHOENIX-A 16-unit garden apartment complex in Phoenix has brought $700,000 for its locally based owners. The complex went under contract within hours of coming on the market.

Grezgorz and Zofia Rossner, Chicago-based investors, hold the title to the Colter Gardens Apartments, situated at 1545 W. Colter St. The sale price equates to $43,750 per unit.

The project is positioned north of the northwest corner of 16th Street and Camelback Road. Pete TeKampe of Marcus & Millichap’s Phoenix office says the whirlwind deal came about because the complex is well located and is fully leased. Each of the units total 900 sf and have two bedrooms and one bath.

Colter Gardens Apartments Villa LLC, headed by John and Marian Keogele of Phoenix, is the seller of record. TeKampe represented both sides of the transaction.

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