ABI Multifamily announced the sale of a 276 Unit, multifamily property – Glendale Commons Apartments – for $8,950,000 or $32,428 Per Unit.
Glendale Commons Apartments was originally constructed 1983 and is individually metered for utilities. The all two-story community was built of wood frame and stucco. The seller in this transaction purchased the property in 2006 for $13,300,000 and placed a new Fannie Mae loan, with a loan balance of $8,645,000. Through the downturn the seller kept the property afloat as long as possible, but due to continued property and market demands, could no longer do so. On February, 27th, 2015 the property was noticed for trustee sale (foreclosure) and scheduled to be foreclosed on June 1st, 2015. This recent sale saved the property from being foreclosed on. The buyer in this transaction assumed the Fannie Mae loan that was originally placed in 2006. The seller, buyer and broker all had to work closely together to facilitate having this sale go through, prior to the scheduled receivership and subsequent foreclosure of the property.
The property sits on approximately 10 acres of land, with 11 total buildings and a dedicated leasing center. Glendale Commons common areas include three resort style swimming pools, shaded outdoor gathering areas, three laundry facilities, private gated entry and plenty of covered/open parking. The property offers residents the ability to rent a studio, one or two bedroom unit type, ranging from 450 to 950 square feet in size. Interior unit amenities include large walk-in closets, private balcony or patio, fully equipped all electric kitchens with refrigerators, ranges, dishwashers and garbage disposals.
“This must have been the very last large apartment complex in Phoenix to have been noticed for trustee sale (foreclosure). Phoenix worked through most of its multifamily ownership and operational issues between 2009-2013 and almost no lender owned properties exist anymore. Through the diligent efforts of many of the parties involved in this transaction, a foreclosure on this property was avoided. ABI Multifamily is pleased to have facilitated this sale and have represented both buyer and seller in the transaction,” stated Alon Shnitzer, Senior Managing Partner at ABI and the lead brokers for this transaction.
Glendale Commons is located at 6565 West Bethany Home Road in Glendale, Arizona. The property is ideally located in South Glendale, East of the 101 Freeway, North of the I-10 Freeway and East of the I-17 Freeway. These transportation corridors allow residents of Glendale Commons to have easy access to all of the Phoenix MSA, as well as, all of the major suburbs outside of Phoenix.
The Buyer, a Partnership through Dalan Management, based in New York, NY, is an experienced multifamily investor with over one thousand units in the Phoenix market.
The Seller, a Partnership through NV Investments, LP, based in Folsom, CA, is an experienced multifamily investor, which through the sale of Glendale Commons Apartments, has now fully exited the Phoenix market.
The Phoenix based ABI Multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang, represented both buyer and seller in the transaction.