CBRE has negotiated the sale of Solano Vista, a 352-unit apartment community in Glendale, Ariz. to a private Arizona-based buyer for $56.1 million.
Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented the seller, AZ Solano Vista, LLC, in the transaction.
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Solano Vista is a two-story, garden-style community located at 7102 N. 43rd Ave. and features studio, one- and two-bedroom units. Built in 1974, nearly half of the units have been upgraded to include vinyl plank flooring, stainless steel appliances, shaker-style cabinets, quartz countertops and stackable washer/dryers in the one- and two-bedroom units. Property amenities include a recently remodeled clubhouse and gym, dog park, four swimming pools, a playground, laundry facilities, barbeques, covered parking and secured gate access.
“Solano Vista is in a desirable Glendale location where rental rates have steadily increased and vacancy has dropped,” said Seaman. “The buyer will benefit from value-add potential through continued renovation of the remaining 191 units.”
Solano Vista is situated along 43rd Avenue, just north of Glendale Avenue, a major arterial street that provides access to Phoenix. The community is minutes from Grand Canyon University, Arizona State University’s West Campus, Westgate Entertainment District, State Farm Stadium, historic downtown Glendale, Desert Diamond Casino and several shopping and entertainment destinations.
