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$4.9-Mil Buy Wraps Up Series of 1031 Exchanges

PHOENIX-A former Colorado investor caps his relocation to metro Phoenix after completing four 1031 exchanges that also sparked the $25-million acquisition of an under-construction complex by the seller. The domino property swap is now done.

By Connie Gore | Updated on November 11, 2001

PHOENIX-A domino 1031 exchange has shored up an Arizona portfolio for a relocated Colorado buyer and catapults the Scottsdale-based seller into the owner of a soon-to-be-completed class A multifamily holding in Phoenix.

Farnam Realty Inc. used a 1031 reverse exchange to close the $25-million acquisition of a multifamily property under development at the intersection of Lindsay and Southern avenues in Phoenix by Mark-Taylor Inc. Farnam sold the 126-unit Desert View complex in Mesa and 117-unit Fairmount Greens Apartments in Phoenix to drive the 1031 reverse, John Kobierowski, senior investment adviser at Phoenix-based Hendricks & Partners, tells GlobeSt.com.

The multiple transactions got under way earlier this year when Lloyd Cunningham, now a metro Phoenix resident, sold four Colorado-area multifamily and retail properties and jumpstarted a reinvestment and trading up in Arizona. He relocated from Colorado Springs to metro Phoenix while the deals were coming to fruition.

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