Glendale 18 LLC, an entity of LBG Development, a residential community developer, has purchased an 18-acre development site, located at El Mirage and Glendale Avenue in Glendale, Arizona, for $1,350,000. Kidder Mathews commercial real estate broker, Brian Rosella, represented the seller, Matz Properties LP, in the transaction.
The development site is one of the last remaining parcels in the West Glendale submarket. Prices at area subdivisions, like Marbella Ranch and Falcon View, have risen considerably, and developers are looking for more opportunities to provide affordable housing to this highly sought after submarket.
“Builders and homebuyers will continue to look for affordable housing in well-located submarkets with access to nearby freeways and amenities,” said Rosella.