Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.