The complex is located at 1545 W. Denton Lane. Sellers Vasileand Anuta Gherhes have reaped $35,000 per unit.
The Kingsley Apartments are just north of Camelback Road and ahalf-mile east of 7th Avenue. Interstate 17 lies about a mile tothe west. Nearby amenities include Chris-town Mall, which recentlyunderwent a major renovation and redevelopment by Kitchell Corp.The retail site now boasts a Costco store and a YMCA, which is inthe midst of multi-million renovation and expansion. PhoenixCommunity College and Grand Canyon University are situated abouttwo miles from the apartment complex.
The vacancy rate in central Phoenix apartments have come downsomewhat since it ballooned last year after the pace of developmentoutstripped demand. In 2000, the vacancy rate had been 7.3%, buthas dropped to 5.7% by the start of this second quarter. Theoverall vacancy rate is 6.3%.
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