Gary Zarlengo and Toni Francis, both of Niwot, acquired the Islands Apartments at 4538 N. 8th Place from Christopher Borchard of Phoenix. The complex was constructed in 1983. It is designed with two-bedroom, one-bath units with private backyards and studio apartments. John Kobierowski and Greg Thielen, both of the Phoenix office of Hendricks & Partners represented the seller.
There currently are 262 multifamily properties in Phoenix proper, which makes up about 44% of the metro's apartment market. The most recent reports show an average occupancy of 91% and average monthly rent of $681 per unit. Phoenix, by far, is the largest submarket in the region. Its closest competitor is the Scottsdale submarket with 75 multifamily properties or 14% of the market share. Scottsdale's rent averages $868 per unit, with experts labeling it as the best performing market in the region.
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