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PHOENIX-A 1031 Exchange buyer from Yorba Linda, CA, has paid $1.3 million for Highland Arms Apartments, a 24-unit, class C complex.

James and Elizabeth Ewald purchased Highland Arms Apartments from Phoenix residents Joe and Christine David. “They’ve owned the complex for a few years and now they’re divesting of their apartment holdings. We’ve sold two of their other properties,” says Brett Polachek, director with Cushman & Wakefield of Arizona Inc., who teamed with C&W’s Todd Braun to broker the sale for the Davids.

Located at 1340 E. Highland Ave. in the Camelback Corridor, Highland Arms Apartments is a two-story building totaling 16,000 sf. The property, developed in 1978, consists of one studio apartment, 19 one-bedroom units and four two-bedroom units, averaging 650 sf. Rents average $552 per month.

Polachek tells GlobeSt.com that Highland Arms Apartments received “a lot of interest” due to its infill location, garnering six to eight offers. Moreover, he says the complex’s strong occupancy of 92% created good cash flow, which is what the Ewalds desired in an investment. The Ewalds were represented by Jay Lee of Fullerton, CA-based Vanguard Investment Properties.

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