A Glendale apartment complex was sold for $25 million.
Northmarq Phoenix’s Investment Sales team brokered the sale of The Enclave on Bethany, a 120-unit, garden-style community located at 6816 W. Bethany Home Road. The buyer is Sunrise Multifamily Group, LLC from Scottsdale.
The seller was 6816 W Bethany Home RD PCPRE, LLC, an entity formed by Florida-based Prosperity Capital Partners, LLC and Enritch Investment Group, Inc.
“The Enclave on Bethany represented an opportunity to acquire a single-level, low density, value-add community at an attractive market cap rate,” Ryan Boyle of the Northmarq team shared in a statement. “The all two- and three-bedroom community is primed for revenue increases via further interior renovations and common area upgrades.”
Built in 1974, The Enclave on Bethany comprises 113,843 square feet and includes 30, single-story four plex buildings with two- and three-bedroom units that range in size from 875-990 square feet. The gated community includes a swimming pool, children’s playground and outdoor barbecue ramada.
Over 50% of the units at The Enclave on Bethany have been lightly upgraded with new flooring and stainless steel appliances. All of the units include laundry, large closets and private patios.
At the end of the third quarter, 2022, the Phoenix multifamily market had a 5.8% overall vacancy rate with asking rents up 7.1% year-over-year.