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Veranda & Sunflower Sells for $158K Per Unit
Veranda & Sunflower Apartments, a 208-unit multifamily apartment community located in Glendale, AZ, recently sold for $32.85 million or $157,933 per unit/$230.69 per-square-foot. The buyer, Intrust Property Group, a California-based firm, joint ventured with Sunrise Multifamily, an Arizona-based company. The seller, Margreen Properties, is based in California.
Built in two parts, with 120 units completed in 1972 and 88 units completed in 1974, the property consists of 22 two-story rental buildings constructed of wood frame and stucco with flat roofs on approximately 5.21 acres. The property is comprised of 39 studio units, 139 one-bedroom/one-bathroom units and 30 two-bedroom/one-bathroom units with a weighted average of 685 square feet.
ABI Multifamily’s Phoenix-based institutional apartment group of Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick represented the buyer in this transaction. ABI Multifamily’s private apartment team of Carson Griesemer, Dallin Hammond and Mitchell Drake represented the seller in this transaction.
- ◦Sale/Acquisition
