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.