Cedar Court in Glendale sells for $6.25M
Colliers International in Greater Phoenix recently completed the sale of Cedar Court in Glendale, a 116-unit class-B multifamily complex, for $6.25 million, or $53,879 per unit.
Emma Capital Properties Inc. of Toronto, Ontario, purchased the property, at 5215 W. Peoria Avenue, from Cedar Court Condominiums LLLC of Glendale.
Bill Hahn, Jeffrey Sherman, and Trevor Koskovich, senior vice presidents with Colliers International’s HSK Multifamily Southwest team, represented both buyer and seller.
Built in 1986, Cedar Court has 77,408 square-feet, in seven two-and three-story buildings, positioned on 4.07 acres. The community has 56 one bed/one bath units with 580 square-feet, 24 one bed/one bath units with 630 square-feet; and 36 two bed/two bath units with 828 square feet.
The condominiums are within two miles of Arizona State University West and Glendale Community College, and just over three miles from the Thunderbird School of Global Management. Other nearby employment centers include the Aurora Behavioral Health System and the Banner Thunderbird Medical Center. Cedar Creek is three miles away from Interstate-17.
“The buyer was attracted to the high-quality design and construction of this 1980s-era property. This was clearly an A-quality property at the time it was built,” said Hahn.