Marcus & Millichap announced this week the sale of Glendale West, a 45-unit multifamily property located in Glendale.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $7,515,000.
Richard Butler, senior vice president investments in Marcus & Millichap’s Phoenix office, 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. 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,” said Butler.
“The buyer plans to completely redesign and reconstruct the property, including converting three-bedroom/one-bath units into two-bedroom/two-bath units, new en-suite washer/dryers, new appliances, new windows and doors, fresh landscaping and exterior paint, completely upgrading the property to an ‘A’ level.” Butler added.
“This is just another example of an investor seeing an opportunity and beginning the transformation of an entire neighborhood, bringing asking rents up to never before realized levels.”
