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PHOENIX-A local buyer has added to its existing apartment portfolio, pocketing the keys of Highland Terrace Apartments for $1.8 million in an off-market buy. The 39-unit, class B complex was 90% leased at sale time.

Kozlica Highland LLC got the deed for 1108 E. Highland Ave. from Highland Terrace Apartments Ltd. “The owner had indicated that they would consider selling the property at a certain price so we brought them a buyer,” says Todd Braun, a senior director with Cushman & Wakefield of Arizona Inc. who teamed with Brett Polachek to broker the transaction.

Braun tells GlobeSt.com that the buyer was attracted to the location near the Camelback Corridor and Central Avenue. Moreover, the 19-year-old complex is “in good shape,” he says.

Situated on two acres, the two-story building has 26 one-bedroom units and 13 two-bedroom apartments. The average unit is 700 sf; and average monthly rent, $550.

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