Enclave on Bethany in Glendale sells for $25M
Northmarq Phoenix’s Investment Sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle brokered the $25 million ($208,333/unit) sale of The Enclave on Bethany, a 120-unit, garden-style community located at 6816 W. Bethany Home Road in Glendale, Arizona. The buyer is Sunrise Multifamily Group, LLC from Scottsdale, Arizona. Northmarq’s Investment Sales team represented the seller, 6816 W Bethany Home RD PCPRE, LLC, an entity formed by Florida-based Prosperity Capital Partners, LLC and Enritch Investment Group, Inc.
“The Enclave on Bethany represented an opportunity to acquire a single-level, low density, value-add community at an attractive market cap rate,” said Boyle – associate vice president. “The all two- and three-bedroom community is primed for revenue increases via further interior renovations and common area upgrades.”
Built in 1974, The Enclave on Bethany comprises 113,843 sq. ft. and includes 30, single-story four plex buildings with two- and three-bedroom units that range in size from 875 – 990 sq. ft. The gated community includes a swimming pool, children’s playground and outdoor barbecue ramada.
Over 50 percent of the units at The Enclave on Bethany have been lightly upgraded with new flooring and stainless steel appliances. All of the units include laundry, large closets, and private patios. Additional income opportunities for the asset are possible with continued upgrades to the unit interiors as well as modernizing the exterior curb appeal and adding additional community amenities.
The Enclave on Bethany are located in the South Glendale rental submarket and has over 55,000 businesses operating within a ten-mile radius of the property. Strong employment growth in the surrounding area, including the development of several large industrial facilities, will continue to fuel the demand for multifamily housing options in Glendale.
At the end of the third quarter, 2022, the Phoenix multifamily market had a 5.8 percent overall vacancy rate with asking rents up 7.1 percent year-over-year. While recent metrics indicate a change of direction in the market, current conditions remain fairly consistent with the Phoenix region’s long-term supply and demand balance. Click here to read the full third quarter 2022 Phoenix Multifamily Market Insights report.