John Rhoades, senior vice president of the Phoenix office of Hendricks & Partners, tells GlobeSt.com that the buyer plans to realize the complex's upside potential by making some cosmetic improvements and providing hands-on local ownership and management for the property.
The 88-unit, 90%-occupied complex was sold by Sunflower Apartments LLC of Saratoga, CA. Rhoades says the sellers owned the building for about 2 1/2 years. Rhoades confides the property had an 8% cap rate.
Situated across the street from the Glendale Community College, about 15% of the tenants are students and the rest predominantly blue-collar residents, according to Rhoades. Glendale is an incorporated suburb with about 225,000 residents in the northwest section of metro Phoenix.
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