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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.

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