Desert Gardens Apartments Sell for $19.5 Million

Colliers International in Greater Phoenix has completed the $19,500,000 sale of Desert Gardens apartments at 13517 W. Glendale Ave. in Glendale, AZ.  A Washington-based investor acquired the property in the dynamic, multifamily submarket of Glendale.

“Desert Gardens is located directly east of Luke Air Force Base, providing fabulous proximity for base employees,” says Trevor Koskovich, executive vice president of Colliers International in Greater Phoenix.  “The community is in excellent condition with strong cash flow.  Modernization efforts on the part of the new owner will create great value-enhancement for the asset.”

 

Koskovich, Bill Hahn and Jeff Sherman of Colliers International in Greater Phoenix handled the sale transaction.  Desert Gardens V, LLC, an Arizona limited liability company sold the property to Del Marco, LLC, a Washington limited liability company,

 

Desert Gardens was 99 percent leased at the time of the sale and consists of 17 two-story buildings situated on 11.16 acres.  The property contains 307 apartment units totaling 145,181 square feet.  Built in 1984, the property features studio, one and two-bedroom apartments ranging from 400 to 927 square feet. Desert Gardens offers a wide variety of amenities, including a covered playground, basketball court, dog park, tennis court horseshoe pit, sand volleyball court, 24-hour fitness center, clubhouse, heated pool, jetted hot tub, and barbeque ramada areas. The community features on-site laundry facilities and management.  Security includes video surveillance and courtesy patrols.

 

In addition to its proximity to Luke Air Force Base, Desert Gardens is just minutes from the Westgate Entertainment District, University of Phoenix Stadium and Gila River Arena.  West Valley Hospital, Estrella Mountain Community College and Cancer Treatment Center of America are also located nearby.

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