PHOENIX, Arizona – CBRE has arranged the $13.3 million sale of Orange Creek Apartments in Glendale, Ariz. Bear Holdings Group, LLC acquired the 142-unit garden-style apartment community from Warranty Property Management, LLC.
Brian Smuckler, Jeff Seaman and Bryson Fricke with CBRE in Phoenix represented the buyer and seller in the transaction.
Built in 1985, the property is comprised of studio, one- and two-bedroom floorplans that average 727 square feet and feature fully-appointed kitchens with full-size electric appliances. Exterior amenities include a resort-style swimming pool and spa, covered parking and a clubhouse.
Located at 8546 North 59th Ave., just north of Northern Avenue, the property is situated in a desirable Glendale area with improving submarket fundamentals. In the third quarter of 2018, the submarket rents averaged $1.10 and have increased 8 percent year over year, according to CBRE research. The average submarket vacancy has decreased by 17 basis points during the same period.