Benedict Canyon Sells Phoenix-Area Property for $15M

NorthMarq provided Freddie Mac financing for the acquisition of the 116-unit Glendale community.
Paseo 51

Benedict Canyon Equities has sold the 116-unit Paseo 51 in Glendale, Ariz., Yardi Matrix data shows. Rise48 Equity paid close to $15.5 million to acquire the community. The property last changed hands in 2018, when Emma Capital sold the asset for $11 million after nearly four years of ownership.

NorthMarq originating a $12.4 million Freddie Mac acquisition loan for the new owner. The financing is set to mature in 2030. 

Located at 5215 W. Peoria Ave. within walking distance of public transit, the community is 2 miles from Arizona State University’s West Campus, 4 miles from Interstate 17 and 12 miles northwest of downtown Phoenix. Completed in 1986 on a 4.1-acre site, the asset comprises one- and two-bedroom apartments in seven two- and three-story buildings. Floorplans range between 580 and 828 square feet. Common-area amenities include a pool, clubhouse and spa.

In August, Benedict Canyon Equities sold a Class A community in Las Vegas. Walker & Dunlop provided acquisition financing for the buyer of the 98-unit community.