Aukum Group—formerly Aukum Management—has acquired Adobe Ridge in Glendale, Ariz., a 224-unit community, for $41 million. The Praedium Group sold the property after a four-year holding period, according to data provider Yardi Matrix, with Institutional Property Advisors acting as the company’s broker. The transaction was subject to a $25.3 million Freddie Mac loan, originated by CBRE Capital Markets.
Adobe Ridge is located at 4545 W. Beardsley Road, adjacent to the Arrowhead Ranch master-planned development. The community comprises 136 one-bedroom, 76 two-bedroom and 12 three-bedroom units, ranging from 887 to 1,426 square feet. Average monthly rates are around $1,134, and occupancy is at 99 percent, according to Yardi Matrix. The 2005-built asset features common-area amenities such as:
- fitness center
- business center
- picnic area
- barbecue grills
- swimming pool
- 400 parking spaces
The community is adjacent to Loop 101, with residents having immediate access to multiple thoroughfares, such as Interstate 17, Black Canyon Highway, State Route 51 and Piestewa Freeway. Multiple shopping and dining destinations are within minutes of Adobe Ridge, both to the east and west. The Deer Valley and Interstate 17 employment corridors comprise approximately 38 million square feet of office space, according to IPA. Some of the largest employers include the United Services Automobile Association, American Express, Discover Financial Services and Wells Fargo, among others.
Poised for value-add
Aukum Group is currently active in several U.S. metros, including Denver, Phoenix, Seattle, Salt Lake City and Portland, where it recently sold a 270-unit community for $45 million. The company seeks value-add and core-plus assets within supply-constrained suburban areas, according to its website.
“The Northwest Valley’s strong economic fundamentals are creating opportunities for multifamily property revenue enhancement, especially in communities built in the 1990s and 2000s. Adobe Ridge is a prime candidate for an interior renovation program that will complement the property’s recent exterior enhancements,” said Steve Gebing, senior managing director at IPA, in a prepared statement.
Image courtesy of Institutional Property Advisors