The complex is located at 1545 W. Denton Lane. Sellers Vasile and Anuta Gherhes have reaped $35,000 per unit.
The Kingsley Apartments are just north of Camelback Road and a half-mile east of 7th Avenue. Interstate 17 lies about a mile to the west. Nearby amenities include Chris-town Mall, which recently underwent a major renovation and redevelopment by Kitchell Corp. The retail site now boasts a Costco store and a YMCA, which is in the midst of multi-million renovation and expansion. Phoenix Community College and Grand Canyon University are situated about two miles from the apartment complex.
The vacancy rate in central Phoenix apartments have come down somewhat since it ballooned last year after the pace of development outstripped demand. In 2000, the vacancy rate had been 7.3%, but has dropped to 5.7% by the start of this second quarter. The overall vacancy rate is 6.3%.
Rent increases have been steady, averaging 3.9% last year and 4% through the first quarter of this year. The average monthly rent is $680 in comparison to $682 Valleywide.
Brokers Todd Braun and Paul Gross, both of CB Richard Ellis' Phoenix office, have represented the sellers in the transaction.
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