The property is located in Uptown Phoenix, which has seen an upswing in apartment development in the past two years, near-term overbuilding in the Uptown and increased interest in the area, along with escalating rents, according to a recent survey by Hendricks & Partners, an apartment analysis company.
During 2000 the overall vacancy rate in the Valley dipped to 6.6%, and in Central Phoenix the vacancy rate dropped to 6.3%. In addition, average rental prices increased by 3.9%, compared to an increase of 3.4% for the market overall. The average rent for an apartment in the Central area has, for the first time in recent history, surpassed overall average rents of $670 per month, compared to $668.
The Phoenix office of Marcus & Millichap, with broker Brian Smuckler, represented the seller, and broker Rich Butler, negotiated for the buyer.
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