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GLENDALE, AZ-An exchange buyer’s unsolicited $4.5-million offer takes the keys to Glendale’s Maryland Gardens Apartments, giving the buyer a 120-unit investment property with about a 90% occupancy.

Moonshadow Properties of San Rafael, CA has bought the two-story, garden-style units in a deal with Maryland Gardens LLC of Henderson, NV, giving the California investor its sole holding in the Phoenix market. “It was a very clean property, a pride of ownership property,” Brett Polachek, with CB Richard Ellis Inc.’s Phoenix office, tells GlobeSt.com of the 4529 W. Ocotillo Rd. complex.

Polachek says the new owner exchanged a smaller apartment complex in Phoenix to fund the exchange. The class B complex, located at Ocotillo Road’s intersection with 45th Avenue, features a pool, spa, covered parking and laundry facilities. Polachek, along with Todd Braun, also with CBRE, assisted both the buyer and seller in the transaction.

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