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Turn Apartments Turn for $12M

PHOENIX-A San Diego couple looking for a multifamily property to satisfy a 1031 Exchange puts an unsolicited $12.1-million offer on the 166-unit complex. The North Phoenix location, 1999 construction and 95% occupancy were big attractions.

By Beverly Ford | Updated on October 15, 2003

PHOENIX-The property wasn’t on the market, but that didn’t stop a San Diego couple from approaching the owner of a 166-unit apartment complex with a $12.1-million offer.

The approach worked, allowing Wayne and Janice Loftus to take over the Turn Apartments from local developer Unicume Scottsdale in a 1031 Exchange. Brett Zinn, with Colliers International, who helped put the deal together, tells GlobeSt.com that the couple, using the entity Emerald I LLC for the purchase, were impressed by North Phoenix location next to the Cave Creek Golf Course, its 1999 construction and its 95% occupancy rate.

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