PHOENIX—Rance King Properties Inc. of Long Beach purchased Northern Greens, a 420-unit Class B apartment building in Glendale for $21.2 million, or $50,476 per unit from GA Northern Greens, LLC of Des Moines. The property is located at 8150 N. 61st Ave.
Colliers International in Greater Phoenix completed the sale. Bill Hahn, Jeffrey Sherman and Trevor Koskovich, senior vice presidents of Colliers HSK multifamily, served as the brokers for the buyers and the sellers.
“The expanding local economy is fueling tenant demand for all types of commercial real estate in the Greater Phoenix market, resulting in declining vacancy rates and strengthening market sentiment,” Koskovich says.
“Northern Greens was a great example of a B-quality asset trading in a rising West side rental market. Modest common area improvements will position the building to capture the most out of rising rents and occupancy in the submarket. During the escrow period alone, the property's occupancy improved by 6%, further evidence of the economic momentum in the area,” says Sherman.
The unit mix includes 315 one-bedroom and 105 two-bedroom/two-bathroom apartments, ranging from 550 square feet to 900 square feet. The building was constructed in 1988 and remodeled in 2007.
“Northern Greens' proximity to several educational institutions and the abundance of manufacturing and warehousing employment nearby makes this location attractive to residents,” Hahn says.
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