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PHOENIX-In a sale that’s an indication of the increasing level of activity in the apartment market, a small complex in central Phoenix has sold in less than 24 hours for the full asking price.

The Phoenix office of RE/MAX Commercial Investments signed a $599,000 listing agreement with the private owners, Saul Caprio and Jill Clark, of the Twelfth Street Villas Apartments, a 20-unit complex. The next day it was under contract and had several back-up offers.

“This one came together,” Mike McClure, a broker in the Phoenix office of RE/MAX tells GlobeSt.com. “The Phoenix market has really heated up over the past couple of months and Twelfth Street Villas being co-brokered and going into contract at full price within 24 hours further exemplifies the current status of the Phoenix market.”

McClure says the listing was mentioned to mortgage brokers who happened to be pre-qualifying an investor looking for just such an investment.

“The property fit their parameters so, well, they just jumped at it,” McClure says. “It’s in a part of town where we are not seeing a lot of new product competing with it.”

Private investor Ioan Ruzmir of Morton Grove, IL was the buyer of the property, which is located at 4224 N. 12th St. just north of Indian School Road and south of Camelback Road. Nearby amenities include the Park Central retail center, Phoenix College and Camelback Colonnade. The complex is within a half-mile of the Squaw Peak Parkway.

Even though a number of apartment and condominium projects are going up in the vicinity, most of those are class A properties and don’t directly compete with the Twelfth Street Villas Apartments. The complex was built in 1956, renovated in 1990 and appeals to working-class renters, McClure says. The current monthly rents, which the new owner expects to raise in the near future, are $345 for a studio, $400 for a one bedroom and $500 for a two-bedroom apartment. “All those factors combined to make it a property that a lot of investors were eager to run at,” McClure says.

After a slow first quarter, the pace of apartment transactions has picked up through the mid-year mark. There have been 88 apartment sales in the Valley, totaling $428 million, through the end of June, a volume that compares well to the 112 closed through mid-2000, which was a record year for sales. Last year, sales totaled more than $1 billion in the Valley.

Private investors Saul Caprio and Jill Clark, both of Tigard, OR, were the sellers. The Phoenix office of RE/MAX, with brokers Doug Groppenbacher, Hank Daugs and McClure, represented the Oregon sellers while Ben Rozmir of Century 21′s Phoenix office acted on the buyer’s behalf.

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