X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

GLENDALE, AZ-The Sunflower apartments at 5959 and 6003 West Olive Ave. in Glendale have been sold to Phoenix-based Z.A. Apartments LLC for about $2.3 million.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.