The purchase price is below the average price paid for complexes of that age. Complexes 25 years and older sold for an average of nearly $37,000 per unit in 2000, or just over $50 per foot.
Increasing freeway commute times and a resurging Downtown have made inner-city life more attractive in Phoenix in the past few years, a trend that apartment developers were quick to capitalize upon.
A number of complexes have recently been developed in and around the Downtown area, including a 700-unit complex by Post Properties around a mile west of the Portland Manor Apartments. The rush of development has resulted in a short-term period of oversupply, which has lowered vacancy rates and kept rent increases in check.
The vacancy rate for apartments in the central Phoenix area is approximately 6.3%. Rents average $670 per month.
The complex was sold by Glenn and Kathryn Gasser of Phoenix, who owned the complex for more than 25 years. Darrell Moffitt of the Phoenix office of Marcus & Millichap represented the principals.
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