ABI Multifamily, a multifamily brokerage and advisory service firm, announced the sale of the Glendale Manor Apartment Homes for $10 million on Monday.
The 328-unit complex sits on 11.71-acres of land less than one mile from Downtown Glendale and includes 39 total buildings plus the leasing center. The property, built in phases between 1963 and 1973, offers a range of units from studio size up to four-bedroom.
Members of the Phoenix based ABI brokerage team organized the deal. As part of a joint venture, Dalan Management and Arizona-based VM Management sold the property to Transpacific Asset Management, a multifamily investment company from California.
“In January of 2014 the current sellers acquired Glendale Manor as a distressed asset and immediately began an aggressive rehab and re-tenanting strategy,” said Alon Shitzer, Senior Managing Partner at ABI who represented the seller. “The Seller’s internal management company, VM Management did an amazing job in turning around this property.”
As a result, the property was approximately 90-percent occupied at the close of the escrow. Tenants are welcome to amenities including three swimming pools, three on-site laundry rooms, BBQ grill areas and a playground.
Doug Lazovick, ABI partner who represented the buyer, agreed that the seller “did a fantastic job repositioning the asset,” which occurred predominantly between 2015 and 2015. He added, the multifamily development interested the buyer because of South Glendale’s reduced price per unit compared to the Phoenix Valley market and the a nearly 7-percent increase in population size since 2000.
