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 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.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

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

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.