An apartment community near Luke Air Force Base in Glendale was purchased by a Washington-based investor for $19,500,000, according to Colliers International, the brokerage firm that worked on the deal.
Desert Gardens V LLC, an Arizona limited liability company sold the Desert Gardens apartment complex to Del Marco LLC, a Washington limited liability company. The complex is located at 13517 W. Glendale Ave., in Glendale.
The 307-unit apartment complex was 99 percent occupied at the time of the sale and consists of 17 two-story buildings situation on 11.16 acres with 145,181 total square feet.
“Desert Gardens is located directly east of Luke Air Force Base, providing fabulous proximity for base employees,” says Trevor Koskovich, executive vice president of Colliers International in Greater Phoenix. “The community is in excellent condition with strong cash flow. Modernization efforts on the part of the new owner will create great value-enhancement for the asset.”
Koskovich, Bill Hahn and Jeff Sherman of Colliers International in Greater Phoenix handled the sale transaction.
Built in 1984, the property features studio, one and two-bedroom apartments ranging from 400 to 927 square feet. Desert Gardens offers a wide variety of amenities, including a covered playground, basketball court, dog park, tennis court horseshoe pit, sand volleyball court, 24-hour fitness center, clubhouse, heated pool, jetted hot tub, and barbeque ramada areas. The community features on-site laundry facilities and management. Security includes video surveillance and courtesy patrols.
In addition to its proximity to Luke Air Force Base, Desert Gardens is just minutes from the Westgate Entertainment District, University of Phoenix Stadium and Gila River Arena. West Valley Hospital, Estrella Mountain Community College and Cancer Treatment Center of America are also located nearby.
