The purchase price is below the average price paid for complexesof that age. Complexes 25 years and older sold for an average ofnearly $37,000 per unit in 2000, or just over $50 per foot.

Increasing freeway commute times and a resurging Downtown havemade inner-city life more attractive in Phoenix in the past fewyears, a trend that apartment developers were quick to capitalizeupon.

A number of complexes have recently been developed in and aroundthe Downtown area, including a 700-unit complex by Post Propertiesaround a mile west of the Portland Manor Apartments. The rush ofdevelopment has resulted in a short-term period of oversupply,which has lowered vacancy rates and kept rent increases incheck.

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