PHOENIX—The Praedium Group purchased Adobe Ridge, a 224-unit apartment complex in Glendale, from Farnum Properties LLC. The $26 million sales price equates to $116,000 per unit. Institutional Property Advisors senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller.
David tells GlobeSt.com, “The submarket on the whole is doing well. There are a lot of apartments in the area doing renovation work—interiors or community amenities. There is a lot of justification for value-add in this market, although this particular purchase was not a value-add project, it bodes well for the area.”
David explains one key factor in the buyer's decision was the proximity to two major employment corridors: it sits between the affluent and amenity-rich trade area known as Arrowhead and the North I-17/ Deer Valley Employment Corridor, an area encompassing more than 17.5 million square feet of retail, office, industrial and flex space with more than 51,000 employees.
Continue Reading for Free
Register and gain access to:
- 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
© 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.