ABI sells Parker Apartments in Glendale for $45 million

BI Multifamily, the leading multi-family brokerage and advisory services company in the western US, announces $45,000,000 / $296,053 per unit / $413.60 per SF sale of Parker Apartments, a multi-family residential community consisting of 152 unit located at 5150 West Eugie Avenue, Glendale, AZ 85304. ABI Multifamily’s Alon Shnitzer, Rue Bax. The Phoenix-based group of institutional apartments from the ABI Multifamily — Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick — facilitated the deal.

The buyer is Clear Capital LLC, headquartered in California.

Read also: Phoenix No. 1 in the West in terms of rent increases year-over-year at 15.6%

The Parker Apartments is a 152-unit garden-style condominium community located in Glendale, Arizona. Residents have direct access to all areas of the Phoenix Valley via the nearby Black Canyon Highway (Highway 17), Agua Fria Highway (Loop 101), and Grand Avenue (Highway 60). In addition, there are several dining and entertainment options in close proximity to the property including Westgate Sports and Entertainment District, which includes Gila River Arena, State Farm Stadium, and the 225-acre mixed-use Westgate City Center. With more than 8 million square feet of offices, high-end condominiums, hotels, entertainment, restaurants and shopping. These aspects make Parker a highly desirable community for its residents.

Built in 1984, The Parker Apartments comprise 152 apartments in 9 two-story buildings on a 5.07-acre site. The rental buildings are constructed of wooden and stucco structures with flat roofs. The mix of units consists of 96 units with one bedroom / one bathroom and 56 units with two bedrooms / two bathrooms. The apartments have individual electric meters, individual hot water heaters, individual heating and air conditioning devices installed on the ceiling. Interior amenities include air conditioning/heating, ceiling fans, large safes, vertical blinds, patio/balcony, high-speed Internet, kitchens equipped with dishwasher, garbage disposal, combination oven, refrigerator, and microwave. The community also provides its residents with a fitness center, swimming pool, spa, indoor/outdoor parking, Amazon Hub Package Locker, and a large rental desk.

Important employers close to the property include the Medical Technology Corridor (including Banner Thunderbird Medical Center, Abrazo Arrowhead Hospital, and St. District Sports and Recreation Center), educational institutions including Arizona State University’s Western Campus and Arizona Christian University and the Glendale Community College Network.

ABI Multifamily (https://www.abimultifamily.com/) is a brokerage and advisory services firm focused exclusively on apartment investment transactions. With offices in Phoenix, Tucson and San Diego, ABI Multifamily’s experienced advisors have completed multi-billion dollar sales and thousands of single-family multi-family transactions. ABI Multifamily combines a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.

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