Record setting apartment deal

Record setting apartment deal
by Kaushik Sirkar, Chandler AZ REALTOR
Chandler Arizona Real Estate

The apartment market, at least for investors, appears to keep on chugging.  High home prices are forcing more people to rent.  Rents have been going up and apartments as an investment vehicle begin to look more and more attractive.  Earlier, I blogged about apartment rents continuing to rise in the valley.

Well it didn't stop there.  Check out this article from today's Arizona Republic.  A record breaking deal took place where 12 Phoenix area apartment complexes sold for a record combined $427.5 million dollars!  In total, we are talking about 5178 units for an average price of $82,651.  The new owners are planning to completely rehab the majority of these class B and C units.

Wow, average rents in these units are $800.  Apparently the 1% rule is alive and well when applied on a huge scale!

Thanks for Reading :)

Kaushik Sirkar, Chandler AZ REALTOR
http://www.homesphx.com