Rohcs Property Management Co. has entered the Phoenix multifamily market with the $11.8 million acquisition of Del Sol Apartments in Glendale, Ariz. A joint venture between Dalan Management and VM Management disposed of the asset. A brokerage team from ABI Multifamily represented both parties in the transaction.
Del Sol Apartments was constructed in two phases, in 1963 and 1973. According to Yardi Matrix, the garden-style, 218-unit community consists of 49 studios, 145 one-bedroom, 22 two-bedroom and two three-bedroom units, ranging in size from 378 to 962 square feet. Some residences are equipped with private entrances, outside storage and vaulted ceilings. Common-area amenities include two swimming pools, a clubhouse, laundry facilities and 261 parking spaces. Del Sol Apartments last traded in 2014, when Dalan Management acquired it for $4.8 million.
Capitalizing on deficit
The community is situated at 6534 W. Montebello Ave., about 10 miles northwest of the Phoenix CBD. The residential neighborhood features several schools and parks. The junction of Bethany Home Road and 67th Avenue, within walking distance of Del Sol, presents several shopping and dining destinations. Major arteries nearby include Route 60 and West Camelback Road.
“The city of Glendale, including the South Glendale submarket, has witnessed an explosion in renter households, rising by approximately 31 percent since 2000. Many of these residents have been displaced by more high-end developments occurring in the Phoenix MSA’s more urban core areas. The buyer, aware of Phoenix’s current multifamily housing deficit nearing 32,000 units by 2020, hopes to capitalize on this trend, as the workforce housing demand continues to grow in the submarket, with no new workforce housing in the pipeline,” said Alon Shnitzer, senior managing partner at ABI and lead broker for this transaction, in a prepared statement.
Image courtesy of ABI Multifamily