A Glendale apartment complex is under new ownership after a $33.5 million deal.
The Arches, a 200-unit, garden-style community located at 6240 N. 63rd Ave., was sold to Storm Properties from Torrance, California. The seller was WWC XL VII, LP, an entity of Phoenix-based Western Wealth Capital.
Northmarq Phoenix’s Investment Sales team of Trevor Koskovich, Jesse Hudson, Ryan Boyle and Logan Baca brokered the deal for the seller, and Northmarq’s Debt and Equity team of Brandon Harrington, Christopher Gitibin, Tyler Woodard, Bryan Mummaw and Bryan Liu provided financing for the buyer.
“We closed this Fannie Mae acquisition loan in 24 days for the sponsor, with the Thanksgiving holiday thrown in the middle,” Harrington shared in a news release. “The borrower was able to execute an early rate lock and take advantage of the decrease in treasuries in the middle of the loan process.”
Built in 1985, The Arches is a community with 13 buildings, two- and three-story, on 6.84-acres.
The seller recently invested $1.8 million in the property including interior and exterior upgrades, deferred maintenance and common area improvements. Sixty-four percent of the units underwent premium renovations, including new flooring, paint, stainless steel appliances, tile backsplash and new light fixtures.
“There is an opportunity for the buyers to increase revenue and value by continuing the proven interior renovation program with the remaining 73 units,” Koskovich shared.