PHOENIX—ABI Multifamily has closed the sale of a 276-unit, multifamily property, Glendale Commons Apartments, for $8.95 million or $32,428 per unit. The buyer is a partnership through Dalan Management, based in New York with more than 1,200 units in the Phoenix area. The seller, a partnership through NV Investments, LP, based in Folsom, CA, which through the sale of Glendale Commons Apartments, has now fully exited the Phoenix market.
The Phoenix based ABI Multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang, represented both buyer and seller in the transaction.
The seller in this transaction purchased the property in 2006 for $13.3 million and placed a new Fannie Mae loan, with a loan balance of $8.64 million. Through the downturn the seller kept the property afloat as long as possible, but due to continued property and market demands, could no longer do so. On February, 27th, 2015 the property was noticed for trustee sale and scheduled to be foreclosed on June 1st, 2015. This recent sale saved the property from being foreclosed on. The buyer in this transaction assumed the Fannie Mae loan that was originally placed in 2006. The seller, buyer and broker all had to work closely together to facilitate having this sale go through, prior to the scheduled receivership and subsequent foreclosure of the property.
Shnitzer tells GlobeSt.com, “There were a lot of people that went into making this deal successful—every piece was instrumental. The owners fed the property as long as they could until it was noticed for trustee sale. ABI had to find the perfect buyer—one with the highest probability of success to assume the loan. This buyer owned two neighboring properties and had done well with them and I think that is what convinced Fannie Mae. The buyer also had a vested interested in seeing the submarket stay in good shape and without a foreclosure. It was the perfect buyer.”
Glendale Commons Apartments was originally constructed 1983 and is individually metered for utilities. The all two-story community was built of wood frame and stucco. The property sits on approximately 10 acres of land, with 11 total buildings and a dedicated leasing center. Glendale Commons common areas include three resort style swimming pools, shaded outdoor gathering areas, three laundry facilities, private gated entry and plenty of covered/open parking. The property offers residents the ability to rent a studio, one or two-bedroom unit type, ranging from 450 to 950 square feet in size. Interior unit amenities include large walk-in closets, private balcony or patio, fully equipped all electric kitchens with refrigerators, ranges, dishwashers and garbage disposals.
“This must have been the very last large apartment complex in Phoenix to have been noticed for trustee sale. Phoenix worked through most of its multifamily ownership and operational issues between 2009-2013 and almost no lender-owned properties exist anymore. Through the diligent efforts of many of the parties involved in this transaction, a foreclosure on this property was avoided. ABI Multifamily is pleased to have facilitated this sale and have represented both buyer and seller in the transaction,” adds Shnitzer, senior managing partner at ABI.
Glendale Commons is located at 6565 W. Bethany Home Rd. in Glendale. The property is ideally located in South Glendale, East of the 101 Freeway, North of the I-10 Freeway and East of the I-17 Freeway. These transportation corridors allow residents of Glendale Commons to have easy access to all of the Phoenix MSA, as well as, all of the major suburbs outside of Phoenix.
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