Desert Gardens II, a multifamily community located at 13621 W. Glendale Ave., has been sold for $23 million. Locally based ReNUE Properties purchased asset as part of its portfolio expansion within Arizona.
“This property offered a unique combination of excellent physical condition and abundance of on-site amenities within a property that is poised for some strategic value enhancement,” said Bill Hahn, executive vice president with Colliers International in Greater Phoenix. “The buyer will add this to its existing portfolio of Arizona properties and modernize the community in meaningful ways.”
Hahn, Trevor Koskovich and Jeff Sherman of Colliers International in Greater Phoenix negotiated the sale transaction. ReNUE Properties Arizona, Inc. purchased the multifamily project from Desert Gardens VI, LLC, an Arizona limited liability company.
Desert Gardens II was built in 2003 and consists of 14 two-story building on a 13.3-acre site. The property contains 225 apartment units totaling 211,812 rentable square feet. All but one of the units are two-bedroom apartments and the community was 90 percent leased at the time of the sale. In addition, the property contains 252 covered parking spaces and 171 open parking spaces.
Apartments within the community feature nine-foot ceilings, full-size washer & dryer, oversized or walk-in closets and spacious kitchens. Desert Gardens II also has some fully furnished options. The community provides its residents with on-site amenities more typical of newer apartment developments. In addition to covered playground facilities and heated swimming pool, Desert Gardens II has a dog park, basketball court, clubhouse, sand volleyball court, 24-hour fitness center, horseshoe pit, and an abundance of BBQ Ramada areas. The community also features vacation rentals and guest rooms, corporate suites, courtesy security patrol and 24-hour emergency maintenance.
Minutes from Westgate Entertainment District, Desert Gardens II, offers convenient access to Luke Air Force Base, University of Phoenix Stadium, Gila River Arena and Estrella Mountain Community College. The property is close to local freeways, providing transport to a variety of employment and lifestyle destinations.