Paseo 51 Apartments | 5215 West Peoria Avenue, Glendale, AZ 85302 | 116 Units | $15,475,000 | $133,405 Per Unit | $199.91 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, AZ (September 30, 2020): ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western U.S., is proud to announce the $15,475,000 / $133,405 per Unit / $199.91 per SF sale of the Paseo 51 Apartments, a 116-unit property in Glendale, AZ.
Built in 1986, Paseo 51 consists of a mix one- and two-bedroom unit types with an average size of 667 SF. Each unit is individually metered for electric and contains individual HVAC’s. The apartment community features common area amenities which Include: Swimming pool, spa, on-site laundry room with Wi-Fi cafe, package lockers with 24-hour access, outdoor barbecue grills, entertainment spaces, covered and open parking, and a dedicated leasing office.
Paseo 51 Apartments is positioned in a prime South Glendale location less than five minutes from Arizona State University West Campus and ten minutes from Downtown Glendale.
Alon Shnitzer, Senior Managing Partner at ABI Multifamily, said “Paseo 51’s location provides the buyer with tremendous opportunity in an area witnessing a rise in development and job growth while being positioned in close proximity to ASU West Campus, Downtown Glendale, and the popular Westgate Entertainment District that continues to see growth year after year.”
“Despite the ongoing pandemic as we wrap up the third quarter, the Phoenix market has shown its resilience by being viewed as one of the top major markets in the country to weather the downturn,” Shnitzer said. “This is a result of a diverse job market that saw one of the lowest year-over-year job loss percentages of all U.S. metros during the peak of the downturn leading to a low overall rental payment delinquency.”
ABI Multifamily’s Alon Shnitzer, Rue Bax, John Kobierowski, Doug Lazovick, and Eddie Chang represented both the Buyer and Seller.
The buyer is Rise48 Equity LLC, a Scottsdale, Arizona-based investment firm. Rise48 Equity has acquired 536 units totaling over $63 Million of multifamily assets in the Phoenix metro since 2019. Co-founders Zach Haptonstall, Bikran Sandhu, and Robert Szewczyk leverage their local knowledge and relationships in the market to acquire and operate large apartment assets.
“Paseo 51 Apartments is in a great submarket primed for growth and meets the Rise48 criteria of a value-add deal with operational upside. We’re very excited to get to work improving this community and serving our investors,” says principal Zach Haptonstall.
The seller is a California-based private investment firm.
ABI Multifamily (http://www.abimultifamily.com/) is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions. With offices in Phoenix, Tucson, Sacramento and San Diego, the experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily incorporates a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.