Candlewood Terrace Apartments sell for $7.9 million

OXFORD — Phillips Acquisitions, a privately held real estate investment and management company, has acquired the Candlewood Terrace Apartments, a 304-unit complex off Locust Street.

The complex sold for $7.9 million, or $25,987 per unit.

The company plans to rename the complex Oxford West apartments, and make “immediate and ambitious” renovations, according to a news release.

Phillips, in the past 27 years, has acquired and managed more than 2,5000 units in three states.

The Oxford apartments will be managed by Ohio resident Lucinda Zigovits, with more than 20 years of property management experience. Scott Campbell will be maintenance supervisor and marketing specialists, according to the release.