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9/18/19
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Anaconda Capital Group LLC has acquired two multifamily properties totaling 76 units in Glendale, AZ for a combined price of $4.66 mil.
In one of the deals, Anaconda paid $2.67 mil for Bethany West, a 48-unit ($55.6k/unit) garden-style apartment community, from Bethany West LLC. Located at 6211 N. 48th Ave in Glendale, the property is single-story and features all two-bedroom/one-bath floorplans that average 800 sf in size. The buyer plans to do an extensive renovation and reposition of the asset.
The other deal was for Autumn Leaves, a 28-unit garden-style apartment community located at 6821 N. 45th Ave, also in Glendale. The asset was acquired for $1.99 mil, or $71k/unit. The seller was Autumn Leaves 6921, LLC.
The single-story property is comprised of all two-bedroom/one-bath floorplans that average 800 sf. The buyer plans to extensively renovate and reposition the property.
Both properties are located in Glendale, one of Arizona’s largest cities and a growing center for employment, professional sports, and arts and culture. In the second quarter of 2019, the submarket rents averaged $1.10 per square foot and have increased 8.93%, while vacancy averaged 3.74% and improved by 112 bps year-over-year, according to CBRE Research.
Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented Anaconda Capital Group and the sellers, who had owned the properties for over 20 years.
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