John Kobierowski and Greg Thielen, both of the Phoenix office of Hendricks & Partners, negotiated the sale. The buyer is Jorge Valdez Aragon, also of Phoenix. The brokers could not be reached for comment on the deal by press time.
In a recent report on the midsize market by Hendricks & Partners, the company reported rent growth remains fairly steady in the metro market although vacancy rates are steadily rising due to a reported loss of 8,900 jobs across the region. The barometer's also rising as low-to-no down payments for mortgages push tenants into the homeowner category. According to the report, the average per unit selling price is $33,200 for complexes built before 1969.
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