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Phoenix & Southwest  + Phoenix  + Apartments  | 

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.

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., 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, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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