Mark Feldman of the San Francisco office of Hendricks &Partners, headquartered in Phoenix, handled negotiations on behalfof the buyer, Phoenix Sun Terrace Venture LLC of Moraga, CA. MarkForrester of Hendricks & Partners' Phoenix office representedSun Terrace Apartments' seller, Sun Terrace Apartments LLC ofScottsdale.

Built in 2000, the complex is situated at 16802 N. 31st St. Itis located close to the Squaw Peak Freeway and positioned in themultifamily demand generators of the bustling submarket. Thecomplex features only two-bedroom, two-bath units, averaging 960sf.

The selling price equates to $63,650 per unit in a market thatis getting an average of $57,698 per unit, according to Hendricks& Partners' latest report. In 2000, the average selling pricereaped $48,723 per unit. To date this year, 49 apartment complexeshave sold, up just a shade from last year. "Encouraged bylow-interest rates, investors are maintaining a high level ofinterest in the metro area," the firm's research team says.