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PHOENIX-Yet another 1031 Exchange has passed the closing table for a small multifamily complex in Phoenix, where such trades are commonplace in today’s investment market.

The 54-unit Lodge at Winding Creek, situated at 2501 W. Ocotillo Rd., has gone to George and Adriana Zele of Peoria, AZ. The couple put up $1.6 million for the 92%-occupied complex.

“The Zeles bought Winding Creek to complete the up-leg to their 1031 exchange,” Steven Nicoluzakis of the Phoenix office of Insignia/ESG said in a prepared statement. “With the lack of product on the market and the ability to place new financing on the property, the deal really fit their needs.”

The 20-year-old complex is located just west of Interstate 17 and south of Glendale Avenue. Nicoluzakis and David Fogler, also of Insignia/ESG, represented the sellers, Paul and Rose Sharman of Carefree, AZ.

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