Phoenix-Area Community Changes Hands in $23M Deal
- Nov 19, 2019
NorthMarq has completed the sale of The Glen Apartments, a 200-unit community in Glendale, Ariz. Western Wealth Capital of Vancouver, Canada, acquired the asset for $23.1 million from Lili Rubin Investment Properties LLC, an entity formed by the Phoenix-based seller. NorthMarq represented both parties and arranged a $16.5 million loan from Freddie Mac on behalf of the buyer. The new owner revealed plans to upgrade and rebrand the property.
The Glen Apartments, previously a fractured condominium, was completed in 1985 and it is located at 6240 N. 63rd Ave., on a 7-acre parcel. It features one- and two-bedroom units and common area amenities include a clubhouse, two swimming pools and a spa. According to Yardi Matrix, the twelve-building asset was 87.5 percent occupied as of October.
The NorthMarq sales team consisted of Trevor Koskovich, Bill Hahn and Jesse Hudson, while the financing was secured by James DuMars and Griffin Martin. In a recent deal, the company arranged the refinancing of a 135-unit community that is roughly 14 miles away from The Glen Apartments.