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Central Phoenix Complex Sells in 24 Hours for $599,000

PHOENIX-Two private investors from Oregon got just what they wanted for a 20-unit complex in Central Phoenix--within 24 hours of listing the property. It's a sign, say brokers, that the market is hotter than a few months ago.

By D.J. Burrough | Updated on August 19, 2001

PHOENIX-In a sale that’s an indication of the increasing level of activity in the apartment market, a small complex in central Phoenix has sold in less than 24 hours for the full asking price.

The Phoenix office of RE/MAX Commercial Investments signed a $599,000 listing agreement with the private owners, Saul Caprio and Jill Clark, of the Twelfth Street Villas Apartments, a 20-unit complex. The next day it was under contract and had several back-up offers.

“This one came together,” Mike McClure, a broker in the Phoenix office of RE/MAX tells GlobeSt.com. “The Phoenix market has really heated up over the past couple of months and Twelfth Street Villas being co-brokered and going into contract at full price within 24 hours further exemplifies the current status of the Phoenix market.”

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