NorthMarq’s Phoenix investment sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle brokered the $11.275 million sale of Glen Arbor Apartments.
The 87-unit complex was built in 1973 and expanded in 2018. It features studios, one- and two-bedroom residences, and is located at 2250 West Glendale Avenue, in Phoenix, Arizona. The buyer was an affiliate APRA Capital.
“Glen Arbor’s marketing execution proved that Phoenix’s multifamily market is aggressively competitive,” said Boyle, lead broker on the listing, “With over 20+ tours and 18 offers, the seller ultimately chose the buyer due to their attractive terms and ability to insure timely closing.”
The buyers are based in Southern California and own several multifamily properties in Phoenix and Las Vegas.
“Phoenix has seen tremendous growth over the past few years, and Glen Arbor will be a great addition to our portfolio,” said Amit Patel, principal and co-founder of APRA Capital. “The asset provides an excellent opportunity for APRA Capital to implement our proven value-add business plan.”
NorthMarq’s Phoenix Debt and Equity team of Brandon Harrington, Bryan Mummaw, and Tyler Woodard secured acquisition financing for the buyers with a $10,152,000 bridge loan.
“NorthMarq arranged a bridge loan for the acquisition of the asset, which allowed the borrower to future fund their cap ex budget to facilitate their business plan of renovating the unit interiors and activating the exterior amenities,” said Harrington.
The property benefits from an ideal location in one of Phoenix’s most densely populated areas, with transportation infrastructure connecting the Metrocenter area to areas such as Downtown Phoenix to the south, Deer Valley and Desert Ridge to the north, and Sky Harbor International Airport and Tempe to the southeast.