Glendale Apartment Community Goes for $14M in Value-Add Play
NKF Multifamily handled the $14.3-million sale of Royal Palms, a 138-unit property located at 5902 West Royal Palm Rd. in Glendale. Brett Polachek, Chris Canter and Brad Goff represented the seller, 5902 Royal Palms LP, in the sale to an undisclosed buyer.
Polachek says, “Investors were attracted to the additional interior/exterior renovation potential resulting in an immediate value-add and possible increased rents. Multifamily rents in this submarket, like others in the Phoenix MSA, continue to perform exceptionally well.”
NKF Research shows multifamily sales for properties of this vintage increased 48.5% to $822 million in 2019, as Phoenix’s unprecedented corporate and residential migration drove significant returns for value-add investors. 1970’s vintage product maintains a competitive position in Glendale, where there has been very little new construction. Currently, there are 720 units of new multifamily product under construction, with no new multifamily units planned within 3.5 miles of Royal Palms.
Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services.
In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company.
In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix.
Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator.
Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements.
Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.