PHOENIX-A pair of private investors has grabbed a fully leased, 24-unit West Phoenix apartment complex for $35,833 per unit in an off-market deal that helped them satisfy tax requirements for a 1031 Exchange.

Vasile and Florico Avram of Phoenix paid $860,000 for the West Winds Apartments, a mix of studio, one- and two-bedroom units at 4635 N. 27th Ave., which weren’t on the market when the couple made the offer to sellers Paul and Rose Sharman of Carefree. Steve Nicoluzakis, with Grubb & Ellis/BRE Commercial, tells that the buyer exchanged several smaller apartment properties to trade up to the larger West Winds complex.

“It fit his exchange and it was a nice bread-and-butter deal,” Nicoluzakis says of the transaction, which he handled for both parties along with Grubb & Ellis/BRE Commercial broker David Fogler.

The 1979 vintage, two story complex, which rents for between $400 and $550 per month, was the second multifamily purchase for the Avrams in recent months, Nicoluzakis says. The couple also recently purchased Casa Hermosa at 1620 N. 51st St. in Phoenix.

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