Dr. Ira Gold, a Northbrook, IL Investor, purchased the Toscana Apartments, a 24-unit complex at 929 E. Bethany Home Rd. The complex was 96% occupied at the time of the sale. The complex is just east of Chris Town Mall, which is undergoing a major renovation. The sale price equates to more than $41,600 per unit.
The complex was sold by Mark and Janet Shapiro of Cave Creek.
With more than 80,000 new residents annually, the apartment market is as healthy as it has ever been. The overall occupancy was rate 95.5% at the start of 2001, up 1.7% from a year ago, according to a survey by M/PF Research Inc., a real estate research firm. Average asking rents also were up 3% during 2000 and are now at $689 per month.
The Phoenix office of CB Richard Ellis, with brokers Todd Braun, Brett Polachek and Tracy Walton, represented both parties in the transaction.
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