John Rhoades, senior vice president of the Phoenix office of Hendricks & Partners, tells GlobeSt.com that the buyer plans to realize the complex's upside potential by making some cosmetic improvements and providing hands-on local ownership and management for the property.
The 88-unit, 90%-occupied complex was sold by Sunflower Apartments LLC of Saratoga, CA. Rhoades says the sellers owned the building for about 2 1/2 years. Rhoades confides the property had an 8% cap rate.
Situated across the street from the Glendale Community College, about 15% of the tenants are students and the rest predominantly blue-collar residents, according to Rhoades. Glendale is an incorporated suburb with about 225,000 residents in the northwest section of metro Phoenix.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
