Phoenix Pre-Foreclosure Apartment Community Sells for $8.95 Million
ABI Multifamily has announced the sale of Glendale Commons Apartments at 6565 West Bethany Home Road in Glendale, AZ, a 276-unit multifamily property, that sold for $8.95 million ($32,428 per unit and $50.68 PSF) in a pre-foreclosure short-sale.
The seller purchased the property in 2006 for $13.3 million and placed a new Fannie Mae loan with a balance of $8.65 million. Through the downturn, the seller kept the property afloat as long as possible, but due to continued property and market demands, could no longer do so. On February, 27th, 2015 the property was noticed for trustee sale (foreclosure) and scheduled to be foreclosed on June 1st, 2015. This sale saved the property from being foreclosed. The buyer was able to assume the 2006 Fannie Mae loan.
The seller, buyer and broker worked closely together in order to facilitate this sale prior to the scheduled receivership and foreclosure of the property.
“This must have been the very last large apartment complex in Phoenix to have been noticed for trustee sale (foreclosure). Phoenix worked through most of its multifamily ownership and operational issues from 2009 – 2013 and almost no lender owned properties exist anymore. Through the diligent efforts of many of the parties involved in this transaction, a foreclosure on this property was avoided. ABI Multifamily is pleased to have facilitated this sale and have represented both buyer and seller in the transaction,” stated Alon Shnitzer, Senior Managing Partner at ABI and the lead brokers for this transaction.
The 176,598-square-foot buildings sit on approximately 10 acres, with 11 two-story buildings with studio, one- and two bedroom units ranging from 450- to 950-square-feet in size, built in 1983.
Glendale Commons’ amenities include three resort-style swimming pools, shaded outdoor gathering areas, three laundry facilities, private gated entry and plenty of covered/open parking and a dedicated leasing center. Unit amenities include large walk-in closets, private balcony or patio, fully equipped all electric kitchens with refrigerators, ranges, dishwashers and garbage disposals. All units are individually metered.
The buyer, a New York–based partnership, Dalan Management, is an experienced multifamily investor with over one thousand units in the Phoenix market.
The seller, NV Investments, LP, a partnership from Folsom, CA, is an experienced multifamily investor, which through the sale of Glendale Commons Apartments, has now fully exited the Phoenix market.
The Phoenix based ABI Multifamily brokerage team of Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang, represented both buyer and seller in the transaction.
To learn more Shnitzer should be reached at 602.714.1283, Kobierowski can be contacted at 602.714.1384, Bax can be called at 602.714.1406, Lozovick is at 602.714.1388 and Chang can be called at 602.714.1398.