Common Apartments

Mark C. Ragio (et al) purchased The Commons at Papago Park located at 1010 North 48th St. in Phoenix from Los Verdes LLC. The 200-unit, 120,000-square-foot apartment complex sold for $4.7 million, or $23,500 per unit. The property consists of 100 one-bedroom/one-bath and 100 two-bedroom/one-bath units. The complex features covered parking, gated entry, laundry facility, pool, barbecue grills, and picnic areas. The individual units offer patios or balconies, ceiling fans, A/C, and high-speed Internet access. There were no outside brokers involved in the transaction. By: Randall Sakamoto and Jerry O'Hanlon (09/17/02)