Colliers International negotiated the sale of the Summerhill Place apartments, located at 6801 W. Ocotillo Road in Glendale, Arizona for $19,775,000 ($85,237 per unit).
The HSK Team comprised of Bill Hahn, Trevor Koskovich, and Jesse Hudson of Colliers International in Phoenix represented the seller and secured the buyer.
“Summerhill Place was an opportunity for the buyers to expand their Arizona multifamily portfolio and enhance revenue through light value-add upgrades,” says Hahn, Executive Vice President at Colliers, “Glendale’s asking rents have increased over 21 percent since 2014 and rental demand in the submarket remains strong.”
Maesag Properties, LLC, an entity formed by Shon and Karah Brown was the buyer. Trimark-Summerhill Place, LLC, an entity formed by Trimark Property Group out of Pacific, WA was the seller.
Trimark Property Group, LLC is the real estate investment arm that develops, owns and manages its real estate holdings. The company has been able to acquire and retain a broad range of national and regional tenants to its centers by providing clean and professionally managed building in prominent locations.
Summerhill Place consists of 13 buildings with 189,050 square feet of space situated on 8.55 acres. The community is a blend of 37% 1-bedroom units and 63% 2-bedroom units. The complex was built in 1985 and was 96 percent occupied at time of sale.
The community is located on the west side of 67th Avenue and south of Glendale Avenue a major thoroughfare running throughout Phoenix. Summerhill Place is conveniently situated one mile west of Glendale City Hall and the Historic Downtown Glendale. Nearby employment generators within five miles of the property include the Glendale Sports and Entertainment District, Banner Thunderbird Medical Center, Maryvale Hospital, Arizona State University West, and Grand Canyon University.