Transwestern Investment Group (TIG®), along with its partner, Knightvest Capital, announce the sale of Paseo Park, a 35-building garden-style apartment community at 5205 W. Thunderbird Road in Glendale, Arizona.
The multifamily asset comprises 480 one-, two- and three-bedroom units and was 98.7% occupied at the time of sale to an undisclosed buyer.
The community’s extensive amenities, which include three resort-style pools, in-unit laundry, detached garages, two fitness centers, 24-hour access to parcel lockers, and covered parking contributed to its high tenancy. TIG and Knightvest invested substantial capital to enhance the tenant experience with an improved state-of-the-art leasing office and clubhouse, fitness room and business center, as well as new signage and exterior painting. Additionally, ownership renovated approximately 50% of the unit interiors to a finish level in line with newer properties in the submarket.
“Due to success of the renovation program coupled with the strength of the capital markets, we were afforded the opportunity for an early sale of the property,” said Mike McKenzie, Vice President at TIG. “The new owner has an opportunity to carry-out the remainder of the renovation plan on unit interiors to further increase rental rates across the property.”
Paseo Park benefits from a highly visible location fronting Thunderbird Road, with 58,200 commuters passing daily, and is situated between two of the West Valley’s largest economic drivers, Banner Thunderbird Medical Center and Arizona State University West Campus. The property is within the coveted A-rated Peoria School District and in proximity to Arrowhead Towne Center Mall, the West Valley’s only regional mall.
TIG has seen the value-add multifamily sector continue to be one of the most sought-after property types for investors. In particular, the Glendale submarket has experienced tremendous rent growth over the last few years while continuing to be an affordable renter option compared to other submarkets in the Phoenix MSA.