40-Unit Apartment Phoenix Complex Sells for $1.25M

PHOENIX-A San Francisco investment trio acquires the 40-unit Ernot Apartments from a Phoenix-based seller. The per unit price is $31,250, slightly under the average for class B properties. The submarket's average rent is running $681 per month.

By Jennifer Brenner Andrade | Updated on June 06, 2002

PHOENIX-The 40-unit Ernot Apartments at 525 East Bethany Home Rd., exactly 5.8 miles north of the Phoenix CBD center, has sold to Elliot and William Evers and Gordon Matthews, all of San Francisco, CA for $1.25 million.

Marsha Fleming of Phoenix’s Ernot LLC is the seller. Karl Abert and Darrell Moffitt, both of the Phoenix office of Marcus & Millichap, represented buyer and seller in the negotiations. The selling price brings about $31,250 per unit, slightly less than the average per unit price for class B properties while class A has been bringing close to $85,000, according to researchers.

The Enrot complex is positioned in a submarket posting a 90.8% occupancy rates, a number down by almost two percentage points from last year’s count. The area’s average rental rate is $681 per month.

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