ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western U.S., announced the $25,500,000 / $455,357 per Unit / $247.48 per SF sale of The Grove on Glendale Townhomes, a 56-townhome unit complete project in Phoenix, AZ.
Constructed in 2020, Grove on Glendale consists of 56 luxury two-story townhome units. The property features an attractive unit mix of all three-bedroom / two-and-a-half-bathroom and four-bedroom / three-and-a-half-bathroom units with an average size of 1,840 square feet. Each townhome also offers a spacious 400 square foot two-car direct-access private garage and fenced-in backyard. Grove on Glendale is the largest built-for-rent townhome community known to have ever been developed in Phoenix.
Situated on West Glendale Avenue, a six-lane thoroughfare, and less than six miles from the Biltmore area and seven miles north of Downtown Phoenix, residents enjoy a premium, central location with direct access to all areas of Phoenix by way of the Interstate-10, Interstate-17, and State Route 51. Immediate neighborhood conveniences and services include: AJ’s Fine Foods, Sprouts Farmers Market, Safeway, Chase Bank, Walgreens Pharmacy, and Wells Fargo Bank. The property is also located less than 15 minutes from Grand Canyon University. The Grove on Glendale is situated in a prime location in the heart of North Central Phoenix near major job and transportation corridors that also is an area with a very high average household income of $85,763.
Alon Shnitzer, Senior Managing Partner at ABI Multifamily, said “This marks what we believe to be the largest built-for-rent townhome community sale in Phoenix. Historically, townhomes of this size were always built and sold individually to the end user home buyer. With the shift toward renting vs owning, we see builders shifting from ‘for sale’ to rentals even in this townhome sector.”
ABI Multifamily’s Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick, and Eddie Chang represented the buyer and seller in the transaction.
The buyer is a California-based private investment firm. The seller is an Arizona-based private investment developer focused on built-for-rent communities.
