GLENDALE, AZ–A joint venture of B&R Capital Partners and American Landmark has acquired Cabana 99th, a 286-unit multifamily in Glendale, AZ, adjacent to the $1 billion Westgate Entertainment District, for $93.5 million.
Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Greenlight Communities, and procured the buyers in the transaction.
Cabana 99th is a newly built development adjacent to the Loop 101/Agua Fria Freeway with direct access to Westgate, the complex that includes State Farm Stadium, home of the NFL's Arizona Cardinals franchise.
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"Cabana 99th is Glendale's only purpose-built attainable multifamily asset, [presenting] budget-conscious, middle-income professionals with a much-needed housing option," Steve Gebing, IPA executive managing director, said in a statement.
Completed earlier this year, apartments at Cabana 99th have nine-foot ceilings and keyless entry systems. Amenities at the gated community include a clubhouse, a fitness center and a resort-style swimming pool.
At the end of July, Tampa-based American Landmark entered the Greater Phoenix market with its acquisition of Tempe Metro, a 408-unit multifamily in Tempe. The firm renamed the Tempe complex The Access.
"Phoenix is one of the most dynamic and fastest-growing cities in the country, ranking just behind Miami as the most popular migration destination in the US," American Landmark CIO Christine DeFillippis said in a statement announcing the Tempe acquisition.
"With a diversified economy, Phoenix will continue to experience above-average job growth, and demand for high-quality apartments is likely to remain [strong] for the long-term," she added.
American Landmark Apartments currently has more than 34,000 multifamily units in its portfolio, earning the company a 33rd ranking on the National Multifamily Housing Council's list of the top apartment owners in the US. The firm specializes in the acquisition and management of value-add multifamily properties in the Sun Belt.
Developers are racing to deliver new multifamily supply in the red-hot Greater Phoenix market, with a record number of 19,000 new units expected to be delivered this year, according to Marcus & Millichap's Q2 market reports.
The new supply caused vacancies to creep up 2.8% in Q2, but strong demand is expected to push net absorption up past 17,000 units this year for the first time since the pandemic started. Rents, now averaging $1,744 per month, have risen by nearly 28% in the past year.
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