BI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, announced the $45,000,000 / $296,053 Per Unit / $413.60 Per SF sale of The Parker Apartments, a 152-unit multifamily apartment community located at 5150 West Eugie Avenue, Glendale, AZ 85304. ABI Multifamily’s Alon Shnitzer, and Rue Bax. ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick facilitated the transaction.
The buyer is Clear Capital LLC, based out of California.
The Parker Apartments is a 152-unit garden-style apartment community located in Glendale, AZ. Residents enjoy direct access to all areas of the Phoenix Valley by way of the nearby Black Canyon Freeway (Interstate 17), the Agua Fria Freeway (Loop 101), and Grand Avenue (Highway 60). In addition, there are numerous dining and entertainment options within close proximity to the property including the Westgate Sports and Entertainment Districts, which encompasses the Gila River Arena, the State Farm Stadium, and the 225-acre Westgate City Center mixed-use development. With over 8 million square feet of office, high-end condominiums, hotels, entertainment, restaurants, and shopping. These aspects make The Parker a highly desirable community for its residents.
Built in 1984, The Parker Apartments features 152 units housed in 9 two-story buildings resting on a 5.07-acre site. The rental buildings are constructed of wood frame and stucco construction with flat roofs. The unit mix consists of 96 one-bedroom / one-bathroom units and 56 two-bedroom / two-bathroom units. The apartments feature individual electric meters, individual hot water heaters, and individual roof mounted HVAC’s. Interior amenities include air conditioning / heating, ceiling fans, large closets, vertical blinds, patio / balcony, high-speed internet access, and kitchens equipped with a dishwasher, garbage disposal, range / oven, refrigerator, and microwave. The community also provides its residents with a fitness center, pool & spa, covered / open parking, Amazon Hub Package Locker, & large rental office.
Significant employers in proximity to the property include the Medical Technology Corridor (encompassing the Banner Thunderbird Medical Center, Abrazo Arrowhead Hospital, St. Joseph’s Westgate Medical Center), major manufacturers such as Honeywell Aerospace and Conair, retail centers such as Arrowhead Towne Center and Westgate Sports and Entertainment District, and educational institutions including the Arizona State University West Campus, Arizona Christian University, and the Glendale Community College network.
ABI Multifamily (https://www.abimultifamily.com/) is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Tucson, and San Diego, the experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily incorporates a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.