Search
 

$2M Sews Up 39-Unit, Off-Market Sale

PHOENIX-A local limited liability company buys Highland Terrace Apartments, a class B complex on two acres near the Camelback Corridor and Central Avenue. The 90%-leased complex brings in an average monthly rent of $550 per unit.

By Jennifer D. Duell | Updated on May 24, 2005

PHOENIX-A local buyer has added to its existing apartment portfolio, pocketing the keys of Highland Terrace Apartments for $1.8 million in an off-market buy. The 39-unit, class B complex was 90% leased at sale time.

Kozlica Highland LLC got the deed for 1108 E. Highland Ave. from Highland Terrace Apartments Ltd. “The owner had indicated that they would consider selling the property at a certain price so we brought them a buyer,” says Todd Braun, a senior director with Cushman & Wakefield of Arizona Inc. who teamed with Brett Polachek to broker the transaction.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.