GLENDALE, Ariz., July 2, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of Adobe Ridge, a 224-unit multifamily asset in Glendale, Arizona. The property sold for $41 million, which represents $183,036 per unit.
“The Northwest Valley’s strong economic fundamentals are creating opportunities for multifamily property revenue enhancement, especially in communities built in the 1990s and 2000s,” says Steve Gebing, senior managing director, IPA. “Adobe Ridge is a prime candidate for an interior renovation program that will complement the property’s recent exterior enhancements.”
Gebing and Cliff David of IPA represented the seller, The Praedium Group, and procured the buyer, Aukum Group.
Constructed in 2005, Adobe Ridge is located adjacent to the Arrowhead Ranch master-planned community in Glendale between 43rd Avenue and 51st Avenue with approximately 1,144 feet of exposure along Loop 101. Access to Interstate 17, Black Canyon Highway, and State Route 51, the Piestewa Freeway, is nearby. The community is situated at the edge of the Deer Valley and Interstate 17 employment corridors, home to 38 million square feet of office, industrial and flex space. Nearby employers include USAA, American Express, Discover Financial Services, Honeywell Aerospace, Blue Cross Blue Shield of Arizona, and Wells Fargo. Adobe Ridge provides residents with a stylish blend of open-concept apartment homes with nine-foot ceilings, controlled access gated entry, outdoor spaces with picnic areas and barbecue grills and 40 detached garages.