Developers are targeting two newly acquired Glendale parcels for future apartment complexes.
The two parcels totaling 36.52 acres sold for approximately $15 million.
The land is located at the southwest corner of 99th and Northern Avenues, which is just a couple blocks west of Westgate and right across the street from Park West in Peoria.
Scottsdale-based developer, Empire Group of Companies sold 18.52 acres to Alliance Residential for approximately $6.857 million, and 18 acres to Garrett Companies for $7.8 million.
Both buyers are proposing multifamily apartment communities for development on the respective parcels.
Empire Group still owns four parcels totaling 22 acres, adjacent to the land purchased by Alliance Residential and Garrett Companies. The parcels are available for sale.
“The city of Glendale is quickly expanding, especially now given the renovations to the Gila River Arena and Westgate Entertainment District,” Empire Group Founding Partner Richard Felker shared in a statement. “The area is attracting a younger demographic that wants to live, work and play close to home and continues to drive demand for housing.”
The transaction of lot five sold to Alliance Residential was handled by Ben Heglie and Bret Rinehart of Land Advisors Organization and lot six sold to The Garrett Companies was handled by Will French of Cushman & Wakefield.