Phoenix, AZ — ABI Multifamily is pleased to announce the $11.75 million ($53,899 per unit / $101.07 PSF) sale of the Del Sol Apartments located in Glendale, Arizona. Completed in 1963 / 1973, Del Sol is a one- and two-story, garden-style apartment community that features 218-units in 22 rental buildings constructed of block and wood frame/stucco.
The property has pitched roofs and rests on approximately 6.53-acres. The unit mix consists of 45 studios, 144 one-bedroom / one-bathroom units, 23 two-bedroom / one-bathroom units and 4 three-bedroom / one-bath units, with a weighted average size of 533-square-feet. The majority of the property is individually metered for electricity with individual HVAC units throughout the entire property. Select units feature private fenced entrances, outside storage and vaulted ceilings. This community also provides its residents with a swimming pool, children’s playground, dedicated leasing office, laundry facility, barbeque areas, and ample parking.
“We’re always excited to see a new buyer enter the Phoenix apartment market. Many of our existing apartment owners are from out of state and it was a pleasure assisting this new buyer with their first Phoenix apartment purchase,” states Alon Shnitzer, Senior Managing Partner at ABI, lead broker for this transaction. “It should also be mentioned that the City of Glendale, including the South Glendale submarket, has witnessed an explosion in renter households rising ~31% since 2000. Many of these residents have been displaced by more high-end development occurring in the Phoenix MSA’s more urban core areas. The buyer, aware of Phoenix’s current multifamily housing deficit nearing 32,000 units by 2020, hopes to capitalize on this trend, as the “work force” housing demand continues to grow in the submarket, with no new work force housing in the pipeline.”
The buyer, Del Sol Apartments, LLC, an entity formed and managed by Rohcs Property Management Co., is a private investment and property management firm based in Los Angeles, CA.
The seller was a Joint Venture between New York-based Dalan Management and Arizona-based VM Management. The partnership owns and manages real estate with a focus on improving and adding value to multifamily and commercial properties. Dalan’s portfolio includes residential properties in Manhattan, Brooklyn, Queens, the Bronx, Washington DC and Phoenix, Arizona with additional commercial holdings in Manhattan. VM’s portfolio consists of multifamily assets in the greater Phoenix area.
The multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang represented both the Buyer and Seller in this transation.