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| Steve Gebbing |
GLENDALE, AZ – Institutional Property Advisors (IPA), a
brokerage division of Marcus & Millichap serving the needs of institutional
and major private investors, has arranged the sale of Adobe Ridge, a
224-unit apartment complex in Glendale, Ariz. The $26,050,000 sales price
equates to $116,000 per unit.
IPA
senior director Steve Gebing and Marcus & Millichap vice president
investments Cliff David advised the seller, Farnum Properties LLC. The
buyer is The Praedium Group.
“Adobe Ridge is located between the
affluent and amenity-rich trade area known as Arrowhead and the North I-17/
Deer Valley Employment Corridor, an area encompassing more than 17.5 million
square feet of retail, office, industrial and flex space with more than 51,000
employees,” says Gebing.
“The benefit of the property’s position within the
competitive landscape of the submarket is that it provides for a captive rental
audience by bisecting the two major employment concentrations.”
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| Cliff David |
Built in
2005 on almost 15 acres by MLP Investments, the property is located at 4545
West Beardsley Road in Glendale. It is adjacent to Loop 101 (the Agua Fria
Freeway) and has approximately 1,144 linear feet of drive-by visibility from an
estimated 153,000 daily freeway commuters.
Each
Adobe Ridge apartment home features nine-foot ceilings, a fully equipped
gourmet kitchen, full-sized washer and dryer, storage space, large walk-in
closets, ceiling fans, and a private patio or balcony with additional outside
storage.
Linen closets and
kitchen islands are available in select units. Community amenities include a
stand-alone leasing office and separate clubhouse with kitchenette and
fireplace, a fitness center with cardio and weight training equipment, a fully
appointed business center, a resort-style swimming pool and spa with covered
cabanas, outdoor spaces featuring picnic areas and barbecue grills, controlled
access gated entry and 40 detached garages with automatic door openers.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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