The 19-year-old apartment complex was 93% occupied at the time of the sale.
The West Valley has experienced some of the strongest demand for apartments in the past two years. In 1999 the average rent in the West Valley rose by 7%, according to a survey by Hendricks & Partners, and last year it went up another 4%, compared with a 3.4% overall market increase. The average rent in the far-west Valley is now $603, which is below the overall market average of $668. The vacancy rate was 6.5% at the start of the year, virtually the same as the overall vacancy rate in the Valley.
Apartment complexes that were built between 1980 and 1984 were selling in 2000 for an average price of $37,062 per unit, or $56.30 per sf. That compares to $73,540 for complexes less than five years old and an overall average of $48,723.
The complex was sold by Avondale Partners LLC, an Avondale-based real estate investment firm. The Phoenix office of CB Richard Ellis, with brokers Todd Braun and Paul Gross, represented both parties in the transaction.
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