Newmark Knight Frank (NKF) announces the $41 million sale of The Vineyard Apartments, located at 6706 North Dysart Road in Glendale, Arizona. Director Chris Canter, Executive Managing Director Brad Goff and Senior Managing Director Brett Polachek represented the seller, Univest, in the sale of the 300-unit property to an undisclosed buyer.
“The well-maintained property, built in two phases in 1982 and 1985, features almost 99 percent unrenovated unit interiors (with only four out of 300 units having undergone updates). Investors were attracted to the value-add upside potential,” said Canter. “All parties involved in the transaction demonstrated dedication and patience in getting the transaction across the finish line during the COVID-19 pandemic.”
The Vineyard Apartments benefit from freeway access and nearby public transportation, as well as proximity to schools, shopping and restaurants. The property is in Maricopa County, which was named the fastest-growing county in the United States in 2019 by the U.S. Census Bureau. According to NKF Research, Maricopa County has received this recognition for three years in a row, averaging 6,563 new people every month, growth at a rate roughly twice that of other top growth counties. The Glendale submarket benefits from recession-resistant employment concentrated in healthcare, education, military and government administration. The United States Department of the Air Force is the largest employer in the city servicing 7,500 active military personnel, 15,000 family members and over 80,000 retired military members. Proximate to the property, Luke Air Force Base is an Air Education and Training Command (AETC) responsible for training pilots.