Search
 

NY Buyer Taps $9M Apartment Purchase

GLENDALE, AZ-A New York-based investor closes on an$8.6-million purchase of the Bethany VillageApartments. The 1980s vintage property attractedhealthy interest and eventually sold to the managementgroup based on track record and ability to closequickly.

By Lee Simmons | Updated on May 27, 2004

GLENDALE, AZ-Exceptional track record and a propensityfor closing quickly can be fruitful character traits.JRD Management Group of Mamaroneck, NY, evidently hasboth, purchasing the Bethany Village Apartments inGlendale for $8.6 million. The deal brings its Valleymultifamily holdings to four.”We had other offers at the same price, but we wentwith JRD because of their track record in Phoenix andtheir ability to close,” Brad Goff, a vice presidentat Trammell Crow Co. in Phoenix, tells GlobeSt.com.The 276-unit complex was marketed for 30 days andreceived approximately five offers before the seller,Thunderbird Management of Glendale, entered escrowwith JRD. The investor closed for approximately$31,000 per unit, below the original $34,000 per unit asking price.A key to the deal was the seller’s willingness tocarry back 80% of the existing loan on the property,says Goff, enabling JRD to come to the table with alower down payment. The original loan had beenprovided by Orix Capital of Dallas.Built in 1982, Bethany Village includes 236one-bedroom units, 16 two-bedroom/one-bathroom units,and 24 two-bedroom/two-bathroom units. The 160,704-sfproperty is located at 6565 West Bethany Home Rd.,only two miles away from Glendale’s new professionalhockey arena. Rents average $439 a month for anaverage 582-sf apartment, says Goff. Consisting of 11two-story buildings, Bethany Village listed a 93%occupancy at closing.Approximately $300,000 in upgrades are planned for theproperty, including exterior painting, landscaping,interior improvements and gating the complex.Thunderbird Management had owned the property forthree years and recently decided to move out of themanagement business.Bethany Village is the fourth Valley apartment assetto be purchased by JRD in recent years. Goff and BobbyBull of Trammell Crow Co. acted on behalf of the seller. JRDwas self-represented.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.