Buyer's Viorel Motiu new holding is 95% leased. Paul Gross and Todd Braun, both of the CB Richard Ellis Inc.'s Phoenix team, handled talks for the buyer. Seller Donald G. and Mary Lou Hobbs Living Trust of Temecula, CA was self-represented.
According to multifamily statistics recently published by Phoenix-based Hendricks & Partners, the current situation is far from cheery in the Glendale submarket. The report puts apartment vacancies at 9.6%. The reading is second highest in the metro, falling right behind Mesa. The average Glendale rent is $555 per month, the second lowest and trailing West Phoenix.
There is a light at the end of the tunnel coming from San Francisco-based Bechtel Corp. The engineering giant is building a facility in Glendale and bringing 500 new jobs to the city.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
