Formerly owned by Covaciu LLC of Phoenix, the Orangewood Place apartments at 7328 N. 27th Ave. was only on the market about 30 days when the Tempe acquisitions firm moved in with a winning bid. The 52,080 sf, four-building property, comprised of 52 one-bedroom and 32-two bedroom units was 96% occupied at the time of sale. Rents range from $510 to $610 per month.
"It's a good bread-and-butter property and one that has been well maintained and operation," said one of the brokers involved in the sale. Todd Braun, Paul Gross and Brett Polachek, all of CB Richard Ellis Inc.'s Phoenix office represented the seller in the transaction. The buyer was assisted by James Butwin of the Classic Capital Group of Tempe, AZ.
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