California Investor Plans Extensive Updating for Community

Phoenix, AZ —  Veranda Apartments at 6015 W. Olive Ave in Glendale have been sold to a California investor for $6.816 million ($56,800 per unit).  This marks the new owner’s first Arizona investment and he plans to substantially modernize the popular community.

“This investor recognized Veranda’s opportunity for appreciation in the rapidly-improving Maryvale submarket,” says Trevor Koskovich, executive vice president with Colliers International in Greater Phoenix.  “Glendale Community College is located immediately across the street from Veranda, creating even more appeal for the community.  The buyer plans to extensively remodel Veranda with interior upgrades and common area renovations.”

Koskovich, Bill Kahn and Jeff Sherman negotiated the sale transaction.  Western Wealth Capital of Burnaby, British Columbia sold the Veranda to Margreen Properties LLC of Corte Madera, CA.

Veranda was built in 1972 and contains 120 apartment units in 12 two-story buildings.  Situated on 3.231-acres of land, the community offers studios, one and two-bedroom apartments ranging from 450- to 1,150-square-feet in size.  Veranda is a gated-access property that features a swimming pool, laundry facilities and a combination of both covered and uncovered parking. Veranda was 95% occupied at the time of the sale.

Located on West Olive Avenue just west of 59^th Avenue, Veranda is surrounded by a mixture of single-family homes, multifamily projects and commercial/industrial developments.  This middle-income neighborhood benefits from a nearby Walmart Supercenter and abundant other retailers at Northern Crossing Shopping Center.  The community also is located conveniently to Downtown Glendale, complete with municipal buildings and its active old town district. Veranda is close to a variety of educational institutions, ranging from elementary and high schools to Glendale Community College, Grand Canyon University and the West Campus of ASU.

Phoenix, AZ – ABI Multifamily, Arizona’s largest locally operated dedicated multifamily brokerage and advisory services firm, is pleased to announce the $15 million ($44,643 per unit) sale of the Country Creek Apartments, a 336-unit Glendale apartment community located in Glendale, Arizona.

Located in the South Glendale Submarket, Country Creek is approximately a mile from Downtown

Glendale and a short drive to The University of Phoenix Stadium and Westgate Entertainment District. “The Buyer sees an opportunity to raise rents at the property through exterior and interior renovations. The construction quality, floor plans and attractive price per unit further fueled the Buyer’s interest,” states Doug Lazovick, Partner at ABI, who was the lead broker representing the Buyer in the transaction. “The Seller purchased this property over 10 years ago, which is a rare find in Phoenix, given that we went through a major recession and most properties of this class have traded since then. Overall the property had good “bones”, newer roofs with a warranty and is located in an emerging part of Glendale, with little nearby competition, which made it an attractive opportunity,” according to Eddie Chang, Partner at ABI, who was lead broker represented the Seller. “The surrounding area within a 3-mile radius of the property has really improved since the seller originally acquired the property in 2003. The location strength coupled with the renovations planned by the Buyer should significantly improve the income at the property,” states Alon Shnitzer, Senior Managing Partner at ABI, who was also the lead broker representing the seller in the transaction.

Country Creek is an all two-story apartment community built in 1985. The property consists of an attractive mix of 48% (160) 2-bed, 40% (136) 1-bed and 12% (40) Studio unit types with an average size of 634 square feet. The property is individually metered for electricity and was built with frame/stucco construction. Country Creek sits on 14.02-acres of land, with 20 total building structures, a dedicated leasing center and contiguous single family residence. Additional property features include: two swimming pools, sand volleyball court, 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 Seller, KUMS Inc., is a private partnership based in Arizona. Country Creek was their only multifamily asset in the Phoenix Valley.

The Buyer is a Tempe, AZ based private capital investor. They own multiple multifamily assets in the Phoenix valley. This is their second purchase through ABI Multifamily.

The Phoenix based ABI Multifamily brokerage team of Doug Lazovick, Eddie Chang, Alon Shnitzer, John Kobierowski and Rue Bax represented the Buyer and Seller in this transaction.

For more information, contact Lazovick at 602.714.1388.