Phoenix, Arizona - CBRE announced the Anaconda Capital Group, LLC has acquired two multifamily properties in Glendale, Arizona totaling $4.66 million.
Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE in Phoenix arranged the sales on behalf of Anaconda Capital Group, LLC and the sellers who had owned the properties for over 20 years.
Anaconda Capital Group, LLC purchased Bethany West, a 48-unit garden-style apartment community, from Bethany West, LLC for $2.67 million. Located at 6211 N. 48th Ave. in Glendale, the property is single story and features all two-bedroom/one-bath floorplans that average 800 square feet. The buyer plans to do an extensive renovation and reposition of the asset.
Autumn Leaves, a 28-unit garden-style apartment community located at 6821 N. 45th Ave. in Glendale, was acquired by Anaconda Capital Group for $1.99 million. The seller was Autumn Leaves 6921, LLC. The property is single story and is comprised of all two-bedroom/one-bath floorplans that average 800 square feet. The buyer plans to extensively renovate and reposition the property.
Both properties are located in Glendale, one of Arizona’s largest cities and a growing center for employment, professional sports, and arts and culture. In the second quarter of 2019, the submarket rents averaged $1.10 per square foot and have increased 8.93 percent and vacancy averaged 3.74 percent and improved by 112 bps year-over-year, according to CBRE Research.