Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale and financing of Country Gables, a 139-unit, boutique apartment asset in Glendale, Arizona. The property sold for $28 million, or $201,439 per unit.
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“Country Gables retains a lasting competitive advantage within North Glendale, where the combination of land scarcity and high development costs have significantly deterred multifamily construction,” said Cliff David, IPA executive managing director. “There have only been two market-rate multifamily properties of 100 or more units completed within a three-mile radius of Country Gables since 2010, with just one additional project currently under construction, adjoining the contributing factors to the asset’s potential, and enduring multifamily fundamentals within this location.” David and IPA executive managing director Steve Gebing represented the seller, Western Wealth Capital and procured the buyer, Dalan Management. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson of IPA Capital Markets’ arranged acquisition financing.
The property is located within proximity of the Bell Road Retail Corridor,P83 Entertainment District, Arrowhead Towne Center, and Loop 101/Agua Fria Freeway, which connects residents to employment corridors throughout the Valley. There are over 758,900 employees and 26,500 businesses within a 30-minute commute, including Honeywell, Discover Financial Services, USAA, HonorHealth, The Mayo Clinic, Wells Fargo, and American Express.
Completed in 1984, Country Gables’ one- and two-bedroom/two-bath apartment homes have walk-in closets, stackable or full-size washers and dryers, private patios or balconies with designated storage space, and vaulted ceilings in second story units. Community amenities include a swimming pool, laundry facility, covered parking, and controlled-access, gated-entry. The average unit size is 608 square feet.
