NorthMarq sells 225-unit Maravilla Apartments for $37M
Maravilla Apartments, located at 13621 West Glendale Avenue in Glendale, Arizona sold this month for $37,000,000.
The NorthMarq Multifamily team of Trevor Koskovich, Jesse Hudson, and Bill Hahn represented both the seller and the buyer in this transaction.
Keller Investment Properties, LLC of Layton, Utah were the buyers.
“Glendale continues to grow and expand with an influx of industrial jobs and SFR development,” said Koskovich, president of NorthMarq’s investment sales platform. “In 2018 there has been more new construction units delivered in the west valley than in the 2010-2017 combined. New job opportunities in construction and logistics industries coupled with the Grand Canyon University’s growing presence, and the development of entertainment centers like Westgate City Center created an economic boom for the area.”
Renue Desert Gardens II, LLC, an entity formed by Renue Properties of Scottsdale, Arizona was the seller.
The 225-unit Maravilla Apartment Community, built in 2003, comprises 99 percent two-bedroom units and 1 percent three-bedroom units. The property, located on the south side of Glendale Avenue west of Litchfield Road, is situated in the West Valley Glendale submarket. Luke Air Force Base, the most important training base for the F-15 and F-35 fighter planes of the United States Air Force, is located immediately west of Maravilla. Westgate City Center, Glendale’s newest commercial and entertainment center, is five miles to the east of the property. The area immediately surrounding Maravilla is primarily comprises of residential and vacant land. Schools in the immediate vicinity of Maravilla include Webster University, Skyway Christian School, and
Luke Elementary School, all located within one mile of the property. Glendale Municipal Airport is less than four miles south-east of the property. Interstate-101, a major north south freeway, is located five miles east of the property.