Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Cabana 99th, a 286-unit attainable housing asset in Glendale, Arizona. The $93.5 million sale price represents $326,923 per unit.
“The abundant lifestyle amenities and expanding professional opportunities in the West Valley of Greater Phoenix have fueled substantial regional growth and widened the rent- versus-own affordability gap considerably,” said Steve Gebing, IPA executive managing director. “Cabana 99th is Glendale’s only purpose-built attainable multifamily asset and its smart-sized apartment homes and well-appointed community spaces present budget-conscious, middle-income professionals with a much-need housing option.” Gebing and IPA executive managing director Cliff David represented the seller, Greenlight Communities, and procured the buyer, B&R Capital Partners and American Landmark.
The property’s location adjacent to the Loop 101/Agua Fria Freeway provides direct access to the $1 billion Westgate Entertainment District, home to the NFL’s Arizona Cardinals. The nearby Southwest Valley Industrial and Loop 303 Corridors are home to nearly 116,000 working professionals at industry-leading companies such as Amazon, FedEx, Swift Transportation, PepsiCo, and Ball Corp. Camelback Ranch, spring training home of the Los Angeles Dodgers and Chicago White Sox is two-and-a-half miles from the property and retail is close by at Peoria Crossings and Tanger Outlets.
Completed in 2022, apartments at Cabana 99th have nine-foot ceilings, stainless-steel appliance packages, wood-style vinyl plank flooring with carpet in the bedrooms, and keyless entry systems. Select floor plans have built-in workstation desks and full-size front-loading washers and dryers. Shared amenities for relaxation and rejuvenation include a clubhouse, a fitness center, outdoor fitness circuits, and a resort-style swimming pool. The controlled-access, gated-entry property also has two laundry rooms, co-working space, a parcel delivery room and covered parking.