Institutional Property Advisors Brokers Multifamily Asset Sale in Greater Phoenix
“Glenridge’s superior Northwest Valley location, and opportunities to increase revenue at the property level create a long-term competitive advantage for the purchaser and his team,” said Cliff David, IPA executive managing director. “The seller held this asset for over a decade, and as a great steward, maintained the physical real estate well and laid the groundwork for additional revenue growth by new ownership to implement both common area and unit interior renovations, intended to modernize the overall presentation of what is already exceptional real estate.” David and IPA executive managing director Steve Gebing represented the seller, Living Well Homes and procured the buyer, 51T Partners LLC.
Completed in 1985, Glenridge is located on nearly six acres across the street from Arizona State University’s West Campus. The location provides residents with access to additional higher education campuses at Arizona Christian University and Midwestern University, as well as transportation mobility with Loop 101 and Interstate 17 (I-17). The I-17 and Deer Valley employment corridors, with their array of high-tech commercial, industrial and office developments are within a short commute and the growing West Valley healthcare industry supplies durable employment and award-winning care for residents throughout the region.
The property provides residents with two swimming pools, a spa, clubhouse, barbecue areas, parcel lockers and a fitness center. The unit mix includes studios, one-, and two-bedroom apartment homes with dishwashers, vinyl wood-style floors, and patios or balconies in select units.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.