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Exchange Buyer Gets Keys to 160-Unit Complex for $10M

MESA, AZ-A 1031 exchange buyer from nearby Scottsdale beats out 11 other investors to claim the Traditions Apartments. The class A apartment community, which is 90% occupied, trades for $10.1 million.

By Jennifer D. Duell | Updated on February 16, 2005

MESA, AZ-With proceeds from a 1031 exchange in hand, a buyer from nearby Scottsdale has paid $10.1 million for the Traditions Apartments, a 160-unit, class A multifamily property.

Roger Sachar formed Traditions Apartments LLC to acquire the eight-year-old development at 4450 E. Southern Ave. in Mesa from Magellan Tradition Property LP, a partnership formed by Phoenix based developer Trillium Residential LLC. “We had a lot of interest in the property–the market really liked it,” says David Fogler, a VP with Phoenix-based Grubb & Ellis BRE Commercial LLC. “There aren’t a lot of small class A properties that are available, usually they’re much larger and smaller investors aren’t interested.”

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