ORION Investment Real Estate is pleased to announce the successful sale of The Glen condominiums located near 63th Avenue and Bethany Home Road in Glendale, Arizona. The condominium complex consists of 200 total units, of which 129 were just sold for $5,000,000. The Seller in the transaction was Janet Azar and David Farjoodi of The Glen Condominiums, LLC, which is based in Woodland Hills, California. The buyer was North63 Holdings LLC, based in Vancouver, BC.
The transaction was negotiated by Christopher Roach and Joseph Dietz of ORION Investment Real Estate based in Scottsdale.
The Glen Condominiums have great curb appeal and frontage on 63rd Avenue and is within walking distance of Harold Smith Elementary School providing a benefit to residents and their families as well as a huge rent driver for ownership. Within 5 minutes of the property is Westgate City Center, offering residents plenty of employment and entertainment through 6.5 million square feet of restaurants, bars, retail, and offices. Westgate is also home to Jobing.com Arena home to the Phoenix Coyotes and University of Phoenix Stadium home to the Arizona Cardinals. Furthermore the community is walking distance of Historic Downtown Glendale, an area known for its antique shopping, various restaurants & eateries, festivals, arts and cultural events.
ORION’s Christopher Roach noted, “The Seller purchased The Glen in early 2012 when it was highly distressed with high vacancy and in rough shape, they repositioned the property and worked with management and the in-place HOA to improve occupancy, upgrade the units and stabilize the property. The Glen is currently a desirable place to live, and provided the buyer with a strong cash flowing investment with additional upside remaining through future rental increases.”