JLL Capital Markets announced today that it has arranged the $20 million sale of Summers Point, a distinctive 164-unit value-add multifamily community located in Glendale, Arizona’s rapidly growing West Valley.
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JLL represented the seller, Wealhouse Capital Management and also arranged the financing in the transaction.
Summers Point is strategically positioned at 4441 West Bethany Home Rd. in a desirable area of Glendale, a city experiencing rapid growth and development with billions of dollars being invested in recent and ongoing projects throughout the region. The property offers excellent proximity to major employment centers, entertainment venues and educational institutions including Grand Canyon University located just 1.32 miles away.
The community was built in 1980 and features 16 buildings across 4.3 acres with a diverse unit mix including studios, one- and two-bedroom apartments averaging 572 square feet. Current ownership successfully renovated 98 of the 164 units, leaving significant value-add potential for future renovations on the remaining 66 units. Renovated units feature premium finishes including white shaker cabinetry with brushed nickel hardware, vinyl wood plank flooring, stainless steel appliances and subway tile backsplashes.
JLL Capital Market’s Investment Sales and Advisory team was led by Senior Managing Directors Brian Smuckler and Jeff Seaman and Senior Directors Derek Smigiel and Bryson Fricke.
“Summers Point represented a compelling opportunity to acquire a partially renovated asset within an affordable submarket that is well positioned for future rental increases,” said Smuckler. “The property’s condition, best-in-class community amenities and significant value-add potential made it an attractive investment opportunity.”
“With Glendale’s strong population growth, diversifying economy and limited new housing development, Summers Point provides a solid foundation for sustained rental demand,” added Seaman. “The West Valley continues to attract major investments including the $1 billion VAI Resort and TSMC’s $165 billion semiconductor investment, creating exceptional growth prospects for the area.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
