JV Pays $33M for Phoenix-Area Asset
- Aug 23, 2021
A partnership between Intrust Property Group and Sunrise Multifamily has acquired the 208-unit Veranda & Sunflower Apartments in Glendale, Ariz., for $32.9 million. The seller was Margreen Properties.
ABI Multifamily facilitated the transaction and represented both parties. According to Maricopa County records, Ready Capital provided $29.5 million in acquisition financing for the joint venture.
The buyers plan to rebrand the community as Bingham Blocks, investing $4.5 million into capital improvements, according to Sunrise Multifamily.
Located on 5.2 acres at 5959 to 6015 W. Olive Ave., the garden-style community features studio, one- and two-bedroom apartments with floorplans averaging 685 square feet. The property’s 22 two-story buildings were constructed between 1972 and 1974. Veranda & Sunflower’s amenity mix includes three swimming pools, a courtyard, barbecue areas and laundry facilities.
The property is across the street from Glendale Community College and within walking distance of multiple dining options. Downtown Glendale is roughly 2 miles south of the community, while downtown Phoenix is 14 miles away.
The acquisition marks Sunrise Multifamily’s 10th purchase in the Western U.S. According to Yardi Matrix data, Phoenix led the nation in terms of transaction volume in the first half of 2021. The market’s transaction volume exceeded $4.5 billion, a massive spike compared to the $1.6 billion closed during the same period in the previous year.