PHOENIX, AZ - ABI Multifamily, a dedicated multifamily brokerage and advisory services firm, is pleased to announce the $10 million ($30,488 per unit) sale of the 328-unit, Glendale Manor Apartment Homes, located in Glendale, AZ. Built in several phases from 1963 to 1973 and highly repositioned in 2014 / 2015, the property features a mix of Studio, 1-, 2-, 3- and 4-bedroom unit types, with a weighted average unit size of approximately 605-square-feet.
“In January of 2014 the current sellers acquired Glendale Manor as a distressed asset and immediately began an aggressive rehab and re-tenanting strategy. The Seller’s internal management company, VM Management, did an amazing job in turning around this property,” states Alon Shnitzer, Senior Managing Partner at ABI and who represented the Seller.
Located in the South Glendale Submarket, Glendale Manor is less than a mile from Downtown Glendale and a few miles east of the University of Phoenix Stadium and Westgate Entertainment District. “The Buyer, Transpacific Asset Management, is an experienced multifamily investor,” states Doug Lazovick, Partner at ABI, who represented the Buyer in the transaction. “Dalan & VM Management did a fantastic job repositioning the asset, which is both individually and master metered for electricity. The Buyer, who owns multiple master metered properties and one in the same submarket, is well suited to realize substantial upside by optimizing the asset’s performance. Additionally, South Glendale’s reduced price/unit point of entry comparative to the rest of the Phoenix valley, as well as its solid population growth (increasing nearly 7% since 2000), further peaked the Buyer’s interest.”
Glendale Manor Apartments sit on 11.71-acres of land, with over 39 total building structures and a dedicated leasing center. Additional property features include: three swimming pools, three on-site laundry facilities, ample covered and open parking, a playground and BBQ grill areas. The property was approximately 90% occupied at close of escrow.
The buyer, Transpacific Asset Management LLC, is a California based multifamily investor.
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 Phoenix based ABI Multifamily brokerage team of Doug Lazovick, Alon Shnitzer, John Kobierowski, Rue Bax and Eddie Chang represented both buyer and seller in this transaction.
For more information, Lazovick should be reached at 602-714-1388, Shnitzer can be contacted at 602-714-1283, Kobierowski is at 602-714-1384, Bax should be contacted at 602-714-1406, and Chang can be called at 602-714-1398.