A 100-unit apartment complex in Glendale is under new ownership.
Maryland West, at 4530 W. McLellan Road, was sold for $26.5 million, which equates to $265,000 per unit, according to Institutional Property Advisors (IPA), a division of Marcus & Millichap.
“Maryland West’s oversized apartment homes, comprised of 90% two- and three-bedroom units, low-density site plan, and the absence of broad-based renovation history make it an excellent candidate for a value-add strategy supported by the Phoenix metro’s rapid pace of household formation and expanding job economy,” said Cliff David, IPA executive managing director, shared in a news release.
David and Steve Gebing, IPA executive managing director, represented the seller, CRSC Residential Inc., and procured the buyer, Silver Star Real Estate.
Maryland West was built in 1970 on less than 5 acres near 43rd and Glendale avenues, with frontage along McLellan Road.
The average apartment size is 807 square feet.
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