PHOENIX, Arizona – CBRE has completed the $4.5 million ($64,286 per unit) sale of The Villas, a 70-unit, garden-style apartment community located at 5712 N. 67th Ave. in Glendale, Arizona. The asset sold at 99 percent of the list price.
Brian Smuckler, Jeff Seaman and Derek Smigiel with CBRE’s Phoenix office represented the buyer, Villas Glendale, LLC, a Southlake, Texas investor who obtained new financing. They also represented the seller, 5057 Washington, LLC from Orinda, California.
The Villas, built in 1985, is comprised of large one- and two-bedroom units averaging approximately 736 square feet. Units feature fully appointed kitchens, private balconies/patios, walk-in closets and covered parking, and are individually metered for electricity. The Villas boasts value-add potential through moderate interior upgrades.
The community is located in a desirable central Glendale neighborhood in proximity to Westgate Entertainment District, Grand Canyon University and Glendale Community College, and a number of major employers. The Villas offers convenient access to the U.S. Highway 60.