Glendale, Arizona - A privately held company formed by RK Properties of Long Beach, Calif. (William Rance King, Jr., manager) paid $21.2 million ($50,476 per unit) to acquire the 420-unit Northern Greens apartments located at 8150 N. 61st Avenue in Glendale. The complex was built in 1988.
The seller was GA Northern Greens LLC, a company formed by Principal;Real Estate Investors LLC in Des Moines, Ia. The Principal Real Estate Investors entity took title to Northern Greens through a deed-in-lieu of foreclosure from the previous owner.
RK Northern Greens Apartments LLC acquired the property with a $11.75 million loan from BB&T Real Estate Funding LLC of Chicago, Ill. I
RK Properties is reported to own 1,770 apartments in the Phoenix area and has multi-family properties in California, Colorado, Utah, Nevada and Florida. RK Properties is interested in buying additional apartment projects in the Valley.
The deal was brokered by Bill Hahn, Jeff Sherman, and Trevor Koskovich of Colliers International in Phoenix.
Find out more, King can be contacted at (800) 677-7333. The Colliers agents can be reached at (602) 222-5000.