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June 22, 2024
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164-Unit AZ Res Community Goes for $28.7 Mil


Peoria Apartment Homes, a 164-unit apartment complex in Glendale, AZ, sold for $28.7 mil, or $175k/unit. The two-story property, located at 5020 West Peoria Ave, comprises 16 buildings with a mix of one- and two-bedroom units.

Amenities at Peoria include a pool and spa, a fitness center, a dog park and a barbecue and picnic area. The units are detailed with fully equipped modern kitchens, washers and dryers, ceiling fans, two vanity areas, walk-in closets and private patios or balconies.

Brett Polachek, Chris Canter and Brad Goff with Newmark represented the seller, Whitehaven Capital LLC. The Phoenix-based buyer, Rise48 Equity LLC, has been actively buying in the market.

“We are seeing a lot of new, out-of-state capital coming into the Greater Phoenix multifamily market as well as existing capital wanting more,” said Polachek. “Demand continues to outweigh supply in the market as the fundamentals – employment growth, new construction, a rise of rental rates, population growth, increased pricing – remain strong and continue to draw interest and attract investors, both private and institutional.”

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