PHOENIX-The property wasn’t on the market, but that didn’t stop a San Diego couple from approaching the owner of a 166-unit apartment complex with a $12.1-million offer.

The approach worked, allowing Wayne and Janice Loftus to take over the Turn Apartments from local developer Unicume Scottsdale in a 1031 Exchange. Brett Zinn, with Colliers International, who helped put the deal together, tells that the couple, using the entity Emerald I LLC for the purchase, were impressed by North Phoenix location next to the Cave Creek Golf Course, its 1999 construction and its 95% occupancy rate.

“It’s just an interesting property,” Zinn says of the complex at 14602 N. 19th Ave. The class A, garden-style development is comprised of a mix of studio lofts and one-, two and three-bedroom units. The property features two pools, garages and a fitness center along with interior amenities that include in-unit washers and dryers, high-speed Internet access and vaulted ceilings. Rents range from $749 to $1140 per month.

Zinn, along with Duane Jones, with Colliers International’s Phoenix office, and Jon Busse, with Colliers’ in San Diego, represented both the buyer and seller in the transaction.

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