Benjamin Sherman & Sons purchased the Rio Santa FeApartments, a 336-unit complex at 13015 W. Rio Santa Fe Blvd. inAvondale. The complex was developed last year by San Diego-basedFairfield, which was the seller.
The sale equates to a price of more than $71,700 per unit, thehighest price per unit ever paid for any apartment project in theWest Valley.
Avondale and other West Valley cities are poised to take much ofthe growth expected to continue in Phoenix in the coming years.With some East Valley cities approaching build-out and land pricesescalating in that popular area, home builders and apartmentdevelopers are moving to the West Valley, where affordable land isstill available and municipalities are eager for newconstruction.
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