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Phoenix Couple Trades In 2002 Purchase

PHOENIX-Christian and Magdalena Covaciu, active in the metro's multifamily market, sell the 36-unit Hillside Terrace Apartments less than a year after they bought it. The 1130 E. Butler Dr. property attracted interest from eight would-be buyers.

By Beverly Ford | Updated on February 17, 2003

PHOENIX-Long after the Hillside Terrace Apartments found a buyer, prospective purchasers were still lined up waiting for the deal to fall through.

“Even after we put it under contract, we had continued interest,” Todd Braun, with CB Richard Ellis Inc.’s Phoenix office tells GlobeSt.com. “The seller was in a really good position to sell it to the next guy in line.”

But the deal didn’t fall through for Paul Van Driessche of Vista, CA, who bought the 36-unit multifamily property from seller, Christian and Magdalena Covaciu of Phoenix for almost $2 million. Both buyer and seller were in 1031 Exchanges.

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