Paseo 51 Apartments | 5215 West Peoria Avenue, Glendale, AZ 85302 | 116 Units | $30,100,000 | $259,483 Per Unit | $389.10 Per SF
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact:
Corporate Headquarters
ABI Multifamily
Phone: 602.714.1400
Company Website: www.ABImultifamily.com
Phoenix, AZ. (December 10, 2021) – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $30,100,000 / $259,483 Per Unit / $389.10 Per SF sale of Paseo 51 Apartments, a 116-unit multifamily apartment community located in Glendale, Arizona. ABI Multifamily's Phoenix-based Institutional Apartment Group - Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick facilitated the transaction.
Paseo 51 Apartments is a 116-unit garden-style apartment community in the northern section of the South Glendale submarket of Glendale, Arizona. Built in 1986, the property consists of 7 rental buildings constructed of wood frame, stucco and flat roofing resting on a 4.07-acre site. The unit mix consists of 80 one-bed / one-bath units and 36 two-bed / two-bath units with a weighted average of 667 square feet. Common area amenities include: Swimming pool, spa, laundry facility, picnic area and barbecue grills, package lockers, on-site rental office, and covered / open parking.
The property is centrally located between the Westgate Sports and Entertainment District, Arrowhead Mall, and Grand Canyon University. Paseo 51’s close proximity to a multitude of major transportation corridors such as: The North Black Canyon Freeway (Interstate-17), Grand Avenue (Highway 60), and the Agua Fria Freeway (Loop 101) provides residents with easy access to the entire Phoenix Valley. There are numerous dining and entertainment options within close proximity to the property including the Westgate Sports and Entertainment Districts, which encompasses the Gila River Arena and the State Farm Stadium and includes a choice of retail and dining options such as: H&M, Polo Ralph Lauren, Lululemon, Fossil, Cabela’s, Yard House, Dave & Buster’s, Dutch Bros, and Crumbl Cookies.
Significant employers in proximity to the property include the Medical Technology Corridor (Encompassing the Banner Thunderbird Medical Center, Abrazo Arrowhead Hospital, St. Joseph’s Westgate Medical Center), major manufacturers such as Honeywell Aerospace, retail centers such as Arrowhead Towne Center and Westgate Sports & Entertainment District, and educational institutions including the Arizona State University West Campus, Arizona Christian University, and the Glendale Community College network.
The seller, Rise 48 Equity, is based in Arizona.
ABI Multifamily (https://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.