Jerry Fay, a Portland, OR-based real estate investor, purchased the Palm Villas, a 105-unit apartment complex at 7000 E. Hubbell in Scottsdale, for $4.9 million. The sale price equates to $46,666 per unit.
The complex is just east of Papago Park and just blocks from Scottsdale Road. The complex was built in 1968 and features all single-story units.
The property was 90% leased at the time of the sale.
South Scottsdale and Paradise Valley are two of the hottest areas in the Valley's apartment market. At the start of the year, the average vacancy rate for complexes in south Scottsdale was 6.1%, compared to an overall rate of 6.6% Valleywide, according to a Hendrick & Partners survey. The submarket also has the second-highest average rent amount at $790 per month, second only to north Scottsdale where rent averages of $837 monthly.
Jonro Properties of San Diego, CA sold the property. The Phoenix office of CB Richard Ellis, with broker Todd Braun, negotiated the transaction.
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