BI Multifamily, the leading multifamily brokerage and consulting firm in the Western United States, announced the sale for $45,000,000 / $296,053 per unit / $413.60 per SF of The Parker Apartments, a 152-unit multifamily apartment community located at 5150 West Eugie Avenue, Glendale, AZ 85304. Alon Shnitzer of ABI Multifamily and Rue Bax. Phoenix-based ABI Multifamily Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick facilitated the transaction.
The buyer is Clear Capital LLC, based in California.
READ ALSO: Phoenix #1 in the west for year-over-year rent increases of 15.6%
Parker Apartments is a 152-unit garden-style apartment community located in Glendale, Arizona. Residents enjoy direct access to all areas of the Phoenix Valley via the Black Canyon Freeway (Interstate 17), the Agua Fria Freeway (loop 101), and Grand Avenue (freeway 60). Additionally, there are many dining and entertainment options near the property, including the Westgate Sports and Entertainment Districts, which encompasses the Gila River Arena, State Farm Stadium and the 225-acre mixed-use development. from the Westgate City Center. With over 8 million square feet of office space, high-end condominiums, hotels, entertainment, restaurants and retail. These aspects make The Parker a highly desirable community for its residents.
Built in 1984, The Parker Apartments comprises 152 units in 9 two-storey buildings resting on a 5.07 acre site. Rental buildings are constructed of wood frame and stucco with flat roofs. The unit mix consists of 96 one-bedroom/one-bathroom units and 56 two-bedroom/two-bathroom units. The apartments have individual electric meters, individual water heaters and individual roof mounted HVAC. Interior amenities include air conditioning/heating, ceiling fans, large closets, vertical blinds, patio/balcony, high-speed internet access, and kitchens equipped with dishwasher, garbage disposal, a stove/oven, fridge and microwave. The community also offers its residents a fitness center, pool and spa, covered/open parking, an Amazon Hub Package Locker, and a large rental desk.
Major employers near the property include the Medical Technology Corridor (encompassing Banner Thunderbird Medical Center, Abrazo Arrowhead Hospital, St. Joseph’s Westgate Medical Center), major manufacturers such as Honeywell Aerospace and Conair, shopping malls such as Arrowhead Towne Center and Westgate Sports and Entertainment District and educational institutions including Arizona State University West Campus, Arizona Christian University and the Glendale Community College network.
Multifamily ABI (https://www.abimultifamily.com/) is a brokerage and advisory company that focuses exclusively on investment transactions in apartments. With offices in Phoenix, Tucson and San Diego, ABI Multifamily’s experienced advisors have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily integrates a holistic approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.