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PHOENIX-Two apartment communities have been sold for $2.4 million to a Wisconsin couple in a 1031 Exchange.

Berislav and Djurdjica Sepic of New Berlin, WI bought the Missouri Village Apartments and the 40th Avenue Apartments, both in Phoenix, in a deal negotiated by Phoenix agents from CB Richard Ellis Inc.

Missouri Village Apartments, a 44-unit master-metered community built in 1973, is located at 1515 W. Missouri Ave. The 80%-occupied complex sold for $1.1 million. Peterson-Gray Investments of Incline Village, NV is the seller.

The second property, 40th Avenue Apartments, located at 405 N. 40th Ave., consists of 45 two-bedroom apartments, all individually metered. It was sold by Parry Holding Corp. for $1.3 million.

Peterson-Gray Investments was represented in the deal by Todd Braun and Paul Gross of CB Richard Ellis’ Phoenix office. Braun and Brett Polachek represented Parry Holding Corp. in the sale of the 40th Avenue Apartments. The new owners were assisted in their 1031 tax-deferred exchange by Nick Papic of Papic Realty in Mesa, AZ.

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