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Glendale West, a 45-unit apartment complex in Glendale, has a new owner.
Ryan Sarbinoff, regional manager of Marcus & Millichap’s Phoenix office, reported that the property sold for $7,515,000.
Richard Butler, senior vice president investments, had the exclusive listing to market the property on behalf of the seller, a Canadian partnership. The buyer, a local investor participating in a 1031 exchange, was also procured by Butler.
“We originally listed the property in 2020 and we decided to remove the listing from the market due to the lack of funding at the onset of COVID-19,” Butler shared in a statement. “Due to rapid increase in demand in value-add properties over the last year, we were able to relist and secure a buyer at a $1,500,000 higher price, with a large amount of non-refundable deposit at the contract execution and no additional renovations made by the seller.”
