Thank you for sharing!

Your article was successfully shared with the contacts you provided.

GLENDALE, AZ-A Virginia investor who saw some upside in a Glendale apartment complex put down nearly $7.3 million to take ownership of the property, hoping to cure its 25% vacancy rate and turn around the property.

Ralph Garman of McLean, VA picked up the 200-unit complex, known as “The Glen,” from Shadow Glen Apartments LLC of Los Angeles, which had been looking for a buyer for 6240 N. 63rd Ave. for six months. “I think the buyer felt there was a nice value-added component to take advantage of,” Todd Braun, with CB Richard Ellis Inc.’s Phoenix office, tells GlobeSt.com. “It had some management upside due to vacancy and deferred maintenance issues.” Built in 1985, the garden-style, two-story, individually metered complex is comprised of one- and two-bedroom units with rents averaging about $500 per month.

Braun, along with Paul Gross, also with CB Richard Ellis, represented the seller in the transaction. Jim Jones, an independent broker from Scottsdale, handled the buy side.

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?


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.