PHOENIX—The Praedium Group purchasedAdobe Ridge, a 224-unit apartment complex in Glendale, fromFarnum Properties LLC. The $26 million sales priceequates to $116,000 per unit. Institutional PropertyAdvisors senior director Steve Gebing andMarcus & Millichap vice president investmentsCliff David advised the seller.

David tells GlobeSt.com, “The submarket on thewhole is doing well. There are a lot of apartments in the areadoing renovation work—interiors or community amenities. There is alot of justification for value-add in this market, although thisparticular purchase was not a value-add project, it bodes well forthe area.”

David explains one key factor in the buyer's decision was theproximity to two major employment corridors: it sits between theaffluent and amenity-rich trade area known as Arrowhead and theNorth I-17/ Deer Valley Employment Corridor, an area encompassingmore than 17.5 million square feet of retail, office, industrialand flex space with more than 51,000 employees.