Jerry Fay, a Portland, OR-based real estate investor, purchased the Palm Villas, a 105-unit apartment complex at 7000 E. Hubbell in Scottsdale, for $4.9 million. The sale price equates to $46,666 per unit.
The complex is just east of Papago Park and just blocks from Scottsdale Road. The complex was built in 1968 and features all single-story units.
The property was 90% leased at the time of the sale.
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