From Blight to Bright: ABI Brokers Value Add Sale in Glendale

PEORIA, Ariz. - July 19, 2016 - PRLog -- ABI Multifamily, the Valley's largest locally operated dedicated multifamily brokerage and advisory services firm, is pleased to announce the $1,065,000 ($24,767/Unit) sale of the Glendale West Apartments, a 43-unit apartment community located in Glendale, Arizona.

Glendale West is a low density, two-story apartment community built in 1963 to 1972 of concrete and frame construction.  The property consists of an attractive mix of one, two and three bedroom units approximately 823 square feet in size, and each unit is individually metered for electricity.  Additionally, select units have patios/balconies.

"Glendale West, located on the highly trafficked 75^th Avenue and Glendale intersection, was force vacated by the City of Glendale in 2015 due to major City violations,"states John Klocek, Vice President at ABI.  "In addition to numerous City violations, the previous owner and lender were unable to construct an equitable short sale agreement which saw the property move into receivership at the end of 2015.  As a result, the length and complexity of the transaction was tremendous."

Glendale West, located in the South Glendale Submarket, is approximately one mile from both Westgate Entertainment District and Downtown Glendale along the Glendale Avenue Corridor.   The Corridor and surrounding environs have witnessed over 1,500 new job announcements and over $40 million in private development activity since 2014.

"Due to the true value add nature of the project, it drew numerous all cash offers from potential investors," states Patrick Burch, Vice President at ABI and co-lead broker on the transaction.  "In the end, the bank and receiver chose a Canadian buyer due to their extensive experience in this type of value add repositioning and willingness to work with all the players involved to consummate a successful transaction."

The Seller was an Arizona-based court appointed receiver.

The Buyer was a private multifamily partnership based out of Canada.

The Phoenix based ABI Multifamily brokerage team of John Klocek, Patrick Burch, Royce Munroe, Ryan Smith and Nathan Bruer represented the Buyer and Seller in this transaction.

ABI Multifamily (http://www.abimultifamily.com) is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. The experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily incorporates a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.