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PHOENIX-The 28-unit Keswick Apartments at 1623 W. Denton Lane in Phoenix has been sold to an Arizona couple. The more than $1-million price tag equates to about $35,000 per unit.

Brian Smuckler of the Phoenix office of Marcus & Millichap represented the buyers, Duane and Tamra Stepp of Taylor, and seller, John Jarzabek of Phoenix.

The northwest submarket has an 8.2% vacancy rate and boasts an average monthly rent of $624 per unit. In comparison, the Valley overall has a 8.8% vacancy and average rent of $690 per month.

According to Hendricks & Partners, the metro’s sales volume slowed in first part of this year in comparison to 2001. The report blames the lackluster sales volume on challenges such as escalating insurance costs, rising property tax assessments and increased vacancies. According to researchers, owners have “expressed a desire to sell but are holding for a market recovery that will bring better cash flow and stronger prices.

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