BIG Pays $26M for Phoenix-Area Community
Completed in 1985, the property consists of 18 residential buildings.
Monte Vista, a 208-unit multifamily property in Glendale, Ariz., has changed hands for $25.5 million. Bridge Investment Group acquired the asset and took out a 3-year loan from Truist Bank, according to Yardi Matrix information.
Institutional Property Advisors and Marcus & Millichap brokered the deal on behalf of the seller, a private individual, and procured the buyer. The community is now rebranded as Butler Ridge Apartments.
The property is at 6767 W. Butler Drive, 2 miles from the city center. Downtown Phoenix is within 12 miles, while Phoenix Sky Harbor International Airport is 16 miles southeast.
Completed in 1985, the garden-style community encompasses 18 two- and three-story buildings spread across roughly 8 acres. The unit mix consists of one- and two-bedroom floorplans ranging from 687 to 887 square feet. Apartments also have private balconies or patios and walk-in closets.
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Common-area amenities include a clubhouse, playground, swimming pool and spa with sundeck, as well as two laundry facilities. The property also has 327 car parking spaces, a courtyard, a dog park and outdoor grilling stations.
Institutional Property Advisors Executive Managing Directors Cliff David and Steve Gebing, along with Marcus & Millichap Senior Managing Director Darrell Moffitt, brokered the deal.
Phoenix multifamily sales decrease year-over-year
Phoenix’s multifamily investment volume in the first quarter of this year clocked in at $410 million from the nine communities—about 2,025 units—that changed hands, according to Yardi Matrix information. This figure is considerably lower than the one registered during the same time period in 2024, when 11 assets—2,360 apartments—traded for $675.2 million.
At the beginning of this month, Brookfield Properties acquired Arches at Hidden Creek, a 432-unit property in Chandler, Ariz., for $95.5 million. Completed in 1986, the community comprises 24 buildings.
