ABI brokers $12M apartment sale near Westgate
ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, announced the $12,000,000 / $69,767 Per Unit sale of the Bethany Park Apartments located in Glendale, Arizona. Built in 1984, Bethany Park is a two story, garden-style apartment community that features 172 units in 10 rental buildings constructed of wood frame and stucco. The property has flat roofs and rests on approximately 6.26-acre. The unit mix consists of 124 one-bedroom / one-bathroom units and 48 two-bedroom / two-bathroom units, with a weighted average size of 776 square feet. Bethany Park is individually metered for electricity with individual hot water heaters. Units feature air conditioning, private patio / balcony, extra storage, and kitchens equipped with a dishwasher and garbage disposal. Select units offer walk-in closets, washer / dryer hook-ups, and fireplaces. This gated community also provides its residents with two swimming pools, a spa, covered parking, and two laundry facilities.
“Bethany Park is located near both Westgate and Downtown Glendale,” states Alon Shnitzer, Senior Managing Partner at ABI, lead broker for this transaction. “The City of Glendale, including the South Glendale submarket, has witnessed an explosion in renter households rising ~31% since 2000. Many of these residents have been displaced by more high-end development occurring in the Phoenix MSA’s more urban core areas. The Buyer hopes to continue capitalizing on this trend, as the “workforce” housing demand continues to grow in the submarket.”
The Buyer, Bethany Park Apartments, LLC was formed by a private investment firm based in Los Angeles, CA. The parent company and its subsidiaries currently control over 3,750 apartment units in the Arizona Market.
The Seller was a Joint Venture between New York-based Dalan Management and Arizona-based VM Management. The partnership owns and manages real estate with a focus on improving and adding value to multifamily and commercial properties. Dalan’s portfolio includes residential properties in Manhattan, Brooklyn, Queens, the Bronx, Washington DC and Phoenix, Arizona with additional commercial holdings in Manhattan. VM’s portfolio consists of multifamily assets in the greater Phoenix area.
The multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang represented both the Buyer and Seller in this transaction.
ABI brokers $7.925M apartment sale near light rail
ABI Multifamily also announced the $7,925,000 / $58,704 Per Unit sale of the Brookfield Terrace Apartments located in Phoenix, Arizona. Brookfield Terrace is a three story, garden-style apartment community which rests on approximately 2.28 acres. The unit mix consists of all one-bedroom/one-bathroom units measuring 602 square feet. All utilities are master-metered including electricity, gas, water, and sewer and hot water for the property is provided by master boilers. Units feature air conditioning / heating, balcony / patio, ceiling fan(s), oversized closets, walk-in closets, ceramic tile flooring throughout, and a kitchen equipped with a garbage disposal, gas range / oven and refrigerator. Brookfield Terrace also provides its residents with a swimming pool and hot tub, clubhouse with billiards and kitchen, lighted walkways and common areas, two newly renovated laundry facilities and covered parking.
“Brookfield offered the buyer a number of strategic advantages,” states Alon Shnitzer, Senior Managing Partner at ABI, lead broker for this transaction. “First, the Buyer was seeking a property in an up-and-coming submarket with potential to increase rents via further property upgrades. The buyer, CALCAP, intends to invest over $1M into property upgrades, including improving the property appearance along 19th Avenue, renovating apartment interiors, and updating the common areas enjoyed by residents. Second, the Buyer sees the Metro Light Rail corridor, particularly the northern end, as an area with more room for growth. The property is, essentially, across the street from the 19th Avenue/Glendale Light Rail stop and less than one mile from Christown Spectrum Mall. As residents have been displaced with all the new high-end developments occurring in more urban core areas along Light Rail, the Buyer hopes to capitalize on this movement by offering a premium, renovated property with more attractive rents.”
The Buyer, California Capital Real Estate Advisors, Inc. (CALCAP) is an experienced multifamily investor based in California. Founded in 2008 and led by former senior leaders of one of the largest thrifts in the U.S. Partnering with businesses, asset managers, real estate investors and developers, CALCAP represents individual and institutional investors by strategically allocating capital across a multitude of real estate investments.
The Seller, iA Financial Group, is an experienced Canadian-based multifamily lender. Founded in 1892, iA Financial Group offers a comprehensive range of life and health insurance products, savings and retirement plans, mutual and segregated funds, securities, auto and home insurance, mortgages and car loans as well as a host of other financial products and services. iA Financial Group has operations throughout Canada and stands out for the size and diversity of its Canada-wide distribution channels. The company also has operations in the United States.