Foreign Investor Sells Phoenix Apartments

Canadian investor Emma Capital has sold the Ridgepoint Apartments in Glendale, Arizona, for $19.8 million to a local Arizona investor. The sales price equates to $120,427 per unit or $181.07 per square foot.

Ridgepoint is a 164-unit apartment community in the South Glendale submarket with a mix of one- and two-bedroom units. The previous ownership renovated 42% of the units, and partially renovated 39% of the units.

ABI Multifamily’s Alon Shnitzer, John Kobierowski, Rue Bax, Eddie Chang and Doug Lazovick represented both parties in the deal.