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PHOENIX-Located in the center of the redevelopment district in downtown Phoenix, the 34-unit Hilton complex at 825 N. 2nd Ave. and 840 N. 1st Ave. has been sold for $850,000 in cash.

John Kobierowski and Greg Thielen, both of Phoenix-bsed Hendricks & Partners, negotiated the sale. The complex, sold by 40th Street Partners Ltd. of Denver, had been on the market for about 2 1/2 years with another brokerage before Kobierowski and Thielen picked up the listing. The pair sold the property to Chestnut Hill, MA-based RL Chapman Properties Phx.3 LLC within 1 1/2 months. The Hilton brought about $25,000 per unit.

The central Phoenix submarket had an 8.5% vacancy rate in the first quarter, an increase of 2.8 points in a year, according to Hendricks & Partners. Overall, Phoenix’s 15 submarkets were posting a 8.8% vacancy. Central Phoenix rent rose 6.8% in the past year, now standing at $726 per unit. In comparison, Phoenix overall posted just a 3.5% rent gain.

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