PHOENIX—The Praedium Group  purchased Adobe Ridge, a 224-unit apartment complex in Glendale, from Farnum Properties LLC. The $26 million sales price equates to $116,000 per unit. Institutional Property Advisors senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David advised the seller.

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

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