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SoCal Investors See Upside in Class C Apartments

PEORIA, AZ-A husband and wife team from Southern California enters the market with the $4-million acquisition of Country Village Apartments. The couple uses 1031 Exchange funds from an apartment complex in San Diego to close the deal.

By Jennifer D. Duell | Updated on October 20, 2004

PEORIA, AZ-Country Village Apartments, a class C property located at 8802 W. Peoria Ave., has traded hands for $4 million in a 1031 Exchange deal to Munson Kingdom LLC, a husband and wife team from La Mesa, CA.

“On a price per unit and a price per sf basis, they thought the asset was a good value,” says Cliff David, an associate with Marcus & Millichap Real Estate Investment Brokerage Co., who represented the seller, Dehner Properties LLC of Peoria, AZ. “It is an added-value deal where they see the upside.” The Munsons sold an apartment complex in San Diego to buy their first asset in the Phoenix Valley.

Ric Holway, a senior associate with Marcus & Millichap also represented Dehner Properties, which traded out of the 118-unit multifamily property to invest in California.

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