Glendale, Ariz. – The 160-unit Palms at Glendale apartments, located at 6112 N. 67th Avenue, in Glendale, Arizona sold this month for $13.2 million.
PGA Holdings LLC, a private investor of Phoenix, Arizona was the buyer.
Bill Hahn, Trevor Koskovich, and Jesse Hudson of NorthMarq Multifamily in Phoenix represented the seller and procured the buyer in this transaction.
“Palms at Glendale was previously a Low Income Housing Tax Credit property that went through the qualified contract process to terminate its Land Use Restrictive Agreement,” says Koskovich. “The buyers will benefit from raising rents to market rate prices and improving the property through value-add enhancements.”
Bethany Apartments Limited Partnership, an entity formed by Atlantic Development and Investments of Scottsdale, Arizona was the seller. Palms at Glendale was their first Arizona multifamily disposition.
Palms at Glendale, built in 1973, comprises 160-units situated on 5.12 acres. The community is a blend of 64 percent one-bedroom units and 36 percent two-bedroom units. The property, located on the west side 67th Avenue north of Bethany Home Road, is close to many attractions such as the Glendale Sports and Entertainment District, which includes the University of Phoenix Stadium and Westgate Shopping District. Palms at Glendale is within minutes to Grand Canyon University, one the fastest growing universities in the country. The Historic Downtown Glendale is one mile east of the property, which is home to Glendale City Hall and numerous restaurants and retail centers.
About NorthMarq Multifamily
NorthMarq Multifamily offers commercial real estate investors a personalized approach to buying and selling multifamily and manufactured housing properties by combining local market knowledge with the strength of a national platform to develop creative solutions for real estate investment opportunities. Headquartered in Phoenix with partners in Las Vegas and Albuquerque, the team has a market-leading position in multifamily property sales in the Southwest region of the U.S. and collaborates with NorthMarq Capital’s debt and equity experts nationwide to provide a full range of capital markets services.
NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. In select markets, the company offers multifamily and manufactured housing investment sales through NorthMarq Multifamily. For more information, please visit www.northmarq.com.
About Atlantic Development & Investments
Atlantic Development & Investments is a privately-held family of companies dedicated to providing the very best in affordable, mixed-income, and senior housing. Experts in the affordable housing field, they assemble the best possible development team to get the job done as efficiently and cost effectively as possible. Their team has extensive experience and knowledge in the area of apartment rehabilitation and tenant relocation. All of the developments have been completed on time, while simultaneously complying with all federal, state, and local community requirements. As such, their efficiency of their development, construction and management organizations and their willingness to stand by their properties helps to maximize tax credit dollars. Learn more at atlanticdev.com.