X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-California investor Joel McCloud has purchased an apartment complex in north Phoenix, paying $2.4 million the 58-unit Holridge apartments in north Phoenix.

The complex, located at 12440 N. 20th St., has gone for about $41,400 per unit. The Roseman Family Trust of Ambler, PA is the seller.

The Holridge apartments are north of the northwest corner of Cave Creek and Cactus roads and nestled between Shadow Mountain Preserve and the North Mountain Preserve. The Squaw Peak Parkway is a little more than a mile to the east of the apartments.

In the first quarter, the north Phoenix area had experienced the highest rent increase in the Valley, rising 4.4%. The submarket’s average rent is $659 per month. The vacancy rate has been stable over the past year and now sits at 6.5% in that submarket, which is down a tenth of a percentage point from first quarter 2000.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.