Woodleaf LLC, based in Phoenix and headed by Neil Evans, has purchased the Rosewood Apartments, a 52-unit complex located at 5810 S. 40th St. in Phoenix, for $1.23 million. The sale price equates to $23,653 per unit.
The complex is about a mile from the Tempe border; a little over a mile from Interstate 10; two miles from Arizona Mills, a major retail center; and about three miles from the campus of Arizona State University.
The east Phoenix apartment submarket is among the healthiest in the Valley. At the start of the year, the vacancy rate there dropped to 6.2%, compared to the region's overall vacancy rate of 6.6%, according to a survey by Hendricks & Partners. The Valley's overall vacancy rate at the start of 2000 was 6.8%, but strong demand lowered it more than half a point. The average rent increase in the east Phoenix area during 2000 was 3.9%, compared to an overall rate increase in the Valley of 3.4%. The average rent in this area is now $708, compared to $668 Valleywide.
Two investors, Austin Indritz and Ernest Tschannen, had owned the apartment complex for seven years prior to the sale.
The Phoenix office of Marcus & Millichap, with brokers Pete Tekampe and Rich Butler, negotiated the transaction.
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