$7M Funneled Into Value-Add Play

GLENDALE, AZ-A Virginia investor who saw some upside in a Glendale apartment complex put down nearly $7.3 million to take ownership of the property, hoping to cure its 25% vacancy rate and turn around the property.

Ralph Garman of McLean, VA picked up the 200-unit complex, known as “The Glen,” from Shadow Glen Apartments LLC of Los Angeles, which had been looking for a buyer for 6240 N. 63rd Ave. for six months. “I think the buyer felt there was a nice value-added component to take advantage of,” Todd Braun, with CB Richard Ellis Inc.’s Phoenix office, tells GlobeSt.com. “It had some management upside due to vacancy and deferred maintenance issues.” Built in 1985, the garden-style, two-story, individually metered complex is comprised of one- and two-bedroom units with rents averaging about $500 per month.

Braun, along with Paul Gross, also with CB Richard Ellis, represented the seller in the transaction. Jim Jones, an independent broker from Scottsdale, handled the buy side.