PHOENIX (July 18, 2018) – The 160-unit Palms at Glendale apartments, located at 6112 N. 67th Avenue, in Glendale, Arizona sold this month for $13.2 million.
PGA Holdings LLC, a private investor of Phoenix, Arizona was the buyer.
Bill Hahn, Trevor Koskovich, and Jesse Hudson of NorthMarq Multifamily in Phoenix represented the seller and procured the buyer in this transaction.
“Palms at Glendale was previously a Low Income Housing Tax Credit property that went through the qualified contract process to terminate its Land Use Restrictive Agreement,” says Koskovich. “The buyers will benefit from raising rents to market rate prices and improving the property through value-add enhancements.”
Bethany Apartments Limited Partnership, an entity formed by Atlantic Development and Investments of Scottsdale, Arizona was the seller. Palms at Glendale was their first Arizona multifamily disposition.
Palms at Glendale, built in 1973, comprises 160-units situated on 5.12 acres. The community is a blend of 64 percent one-bedroom units and 36 percent two-bedroom units. The property, located on the west side 67th Avenue north of Bethany Home Road, is close to many attractions such as the Glendale Sports and Entertainment District, which includes the University of Phoenix Stadium and Westgate Shopping District. Palms at Glendale is within minutes to Grand Canyon University, one the fastest growing universities in the country. The Historic Downtown Glendale is one mile east of the property, which is home to Glendale City Hall and numerous restaurants and retail centers.