Glendale Rental Property Trades for $266K/Unit

Decron Properties has acquired Hangar at Thunderbird (Hangar), a 266-unit gated multifamily community located in Glendale, AZ for $69 million. That comes out to $260,000 a unit. Located at 15301 N. 57th Avenue, the Hangar is adjacent to Loop 101.

The acquisition was the upleg of a 1031 exchange for two properties in Ventura, California.

Completed in 2023 by the seller, P. B. Bell, Hangar is a garden-style community offering a mix of one- two- and three-bedroom apartment homes housed in 19 low-rise residential buildings on a large 20-acre site.  Common area amenities include a resort-style pool with poolside gaming tables, fitness center, children’s playground, EV charging stations and pet park.

IPA’s Steve Gebing and Cliff David represented the seller. Brian Eisendrath, Cameron Chalfant and Jake Vitta of IPA Capital Markets arranged acquisition financing.