Paul Ash Management, a limited liability company based in Tucson, is the new owner of Cobble Creek Apartments, a 142-unit complex at 8546 N. 59th Ave. in Glendale. The seller is a New York-based real estate investment firm, Cobble Creek Associates Ltd., which has realized about $30,986 per unit.

The complex is a half mile from the Manistee Town Center, a retail center that's expected to undergo a major renovation when it becomes a practice facility for the Phoenix Coyotes later this year. The complex also is located about a half-mile south of Glendale Community College and four miles from Interstate 17 and Loop 101.

Northwest Phoenix has been one of the softest markets for apartment demand in the past year. With a 7.8% vacancy rate at the start of the year, the submarket has the highest vacancy rate of any in the Valley, according to a survey by Hendricks & Partners, an apartment analysis firm. The overall vacancy rate is 6.6%. Rents in the area are also under-performing the market as a whole. Rents in the northwest Phoenix area are $603 per month in comparison to $668 per month Valleywide. Brokers David Fogler and Steven Nicoluzakis, both of the Insignia/ESG Inc. Phoenix office, have represented the seller in the transaction.