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.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

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

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.