Cushman & Wakefield announced the firm has advised YAM Properties in the disposition of a ±9.04-acre multifamily development site in Glendale, Arizona. Scottsdale-based Alliance Residential Company together with American Realty Advisors (ARA) acquired the property for $13.5 million with plans to construct a brand new 314-unit apartment community that will be known as Broadstone Westgate.
David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the transaction.
The property is conveniently located within the Westgate Glendale Entertainment District that comprises 8 million square feet of shopping, dining, entertainment, hotels, residential, parks and office space. Westgate also houses the Gila River Arena entertainment venue, and State Farm Stadium, home to the NFL Arizona Cardinals.