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$9M Buys Multifamily Market Entry

GLENDALE, AZ-Trivest Residential of Dallas picks up the 184-unit Greentree Apartments for $8.9 million. The late-1980s complex is a favorite among students of the nearby Thunderbird-Garvin School of International Management.

By Lee Simmons | Updated on April 26, 2004

GLENDALE, AZ-Trivest Residential, a Dallas-based limited liability company, has entered the Phoenix market with the acquisition of the Greentree Apartments in Glendale, paying $8.9 million for a 93%-leased, class B complex that’s considered a home away from home to a diversified student population attending the nearby Thunderbird-Garvin School of International Management.

“It’s a pretty stable submarket. That was one of the big appeals,” David Fogler, a senior vice president at Grubb & Ellis/BRE Commercial, tells GlobeSt.com. Trivest closed the deal with Seattle-based Greentree Apartments General Partnership after looking for some time at Phoenix opportunities.

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