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.
“Being fronted along the 101, there is good visibility and a great advertising window with approximately 153,000 commuters driving by daily,” says David.
The owner plans some renovations to the clubhouse and fitness center, and increase rents.
Built in 2005 on almost 15 acres by MLP Investments, the property is located at 4545 W. Beardsley Rd. in Glendale.
Each Adobe Ridge apartment home features nine-foot ceilings, a fully equipped gourmet kitchen, full-sized washer and dryer, storage space, large walk-in closets, ceiling fans, and a private patio or balcony with additional outside storage. Linen closets and kitchen islands are available in select units. Community amenities include a stand-alone leasing office and separate clubhouse with kitchenette and fireplace, a fitness center with cardio and weight training equipment, a business center, a resort-style swimming pool and spa with covered cabanas, outdoor spaces featuring picnic areas and barbecue grills, controlled access gated entry and 40 detached garages with automatic door openers.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
*May exclude premium content© 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.
