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Major Rehab Laid Out for $4M Multifamily Buy

GLENDALE, AZ-A California buyer picks up the 160-unit Walnut Grove Apartments in an all-cash deal. Quick turnaround is planned as the new owners tackle issues of vandalism, deferred maintenance and a 40% occupancy.

By Lee Simmons | Updated on April 18, 2004

GLENDALE, AZ-Hermanson Inc. of Long Beach, CA, has purchased the Walnut Grove Apartments for slightly more than $4.3 million from a private investor from Colorado. Vandalism, deferred maintenance and a 40% occupancy are just a few of the hurdles the new owners hope to clear in turning around the property.

“It’s pretty rare to find something that’s this beat up. They’re out there, but there’s not a lot ofproperties like this one,” Bill Hahn, a vice president with Sperry Van Ness in Phoenix, tells GlobeSt.com about the purchase from William Douglas of Colorado.

Located on about 8.7 acres at 5957 W. Keim Dr., Walnut Grove was built in 1962. The 40-building complex includes 16 studio apartments; 42 one-bedroom, one-bath units; 90 two-bedroom, one-bath units; and 12 three-bedroom, one-bath units. Rents range from $410 to $760 per month.

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