PHOENIX, ARIZONA (November 18, 2019) – The Glen Apartments, a multifamily housing community located near 63rd Avenue and Maryland in Glendale, Arizona, sold this month for $23,100,000 to WWC XLVII, LP.
The NorthMarq Phoenix investment sales and financing teams arranged the transactions. Trevor Koskovich, Bill Hahn and Jesse Hudson represented both the seller and the buyer in this transaction. James DuMars and Griffin Martin arranged the financing on behalf of the buyer.
WWC XLVII, LP, an entity formed by Western Wealth Capital of Vancouver, Canada, acquired the asset with a $16,520,000 Freddie Mac loan. Their system is to acquire assets for capital improvements and property upgrades to improve resident experience, command additional rental income, and rapidly increase the value of the property.
“The client had numerous finance alternatives at the time of acquisition but selected NorthMarq’s Freddie Mac due to their certainty of execution, excellent loan terms and integrated direct lending platform,” said Martin.
“Previously a fractured condominium, the seller reassembled the property under one ownership and collapsed the HOA,” said Hahn. “The buyer was able to acquire the total 200-units to reposition with major improvements and new branding.”
Built in 1985, the 200-unit apartment community feature one-bedroom and two-bedroom apartments, along with two swimming pools, laundry facilities, and a clubhouse. Lili Rubin Investment Properties LLC, an entity formed by Liliana Stoianova, of Phoenix, Arizona was the seller.