Glendale apartment complex sells for $72M

Posted 6/14/21

A Glendale apartment complex is under new ownership.

This story requires a subscription for $6.99/month.

Already have an account? Log in to continue.

Current print subscribers can create a free account by clicking here.

Otherwise, click here to subscribe.

To Our Valued Readers –

Visitors to our website will be limited to five stories per month unless they opt to subscribe. The five stories do not include our exclusive content written by our journalists.

For $6.99, less than 20 cents a day, digital subscribers will receive unlimited access to, including exclusive content from our newsroom and access to our Daily Independent e-edition.

Our commitment to balanced, fair reporting and local coverage provides insight and perspective not found anywhere else.

Your financial commitment will help to preserve the kind of honest journalism produced by our reporters and editors. We trust you agree that independent journalism is an essential component of our democracy. Please click here to subscribe.

Charlene Bisson, Publisher, Independent Newsmedia

Please log in to continue

Log in
I am anchor

Glendale apartment complex sells for $72M


A Glendale apartment complex is under new ownership.

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Copper Falls, a newly constructed, 240-unit multifamily asset in the West Valley neighborhood of Glendale. The $72 million sales price represents $300,000 per unit.

Copper Falls is located at 5151 N. 95th Ave.

“The combination of durable jobs and outstanding growth in the area’s industrial and distribution sectors has provided the economic foundation for the West Valley’s housing market to rapidly appreciate,” IPA executive managing director Steve Gebing stated in a news release. “With 80% of Greater Phoenix’s future industrial growth projected to be in the West Valley, regional long-term rental demand is solidified.”

Gebing and IPA executive managing director Cliff David represented the seller, P.B. Bell and procured the buyer, a private party.

The 233,000-rentable-square-foot community was constructed in 2020 on 13 acres.