Rosewood | 5150 West Eugie Avenue, Glendale, AZ 85304 | 152 Units | $18,696,000 | $123,000 Per Unit | $171.84 Per SF
FOR IMMEDIATE RELEASE
Company Website: www.ABImultifamily.com
Phoenix, Ariz. – Aug. 30, 2019: ABI Multifamily – the leading multifamily brokerage and advisory services firm in the Western U.S. – is proud to announce the $18,696,000 / $123,000 Per Unit / $171.84 Per SF sale of Rosewood Apartments in Glendale, Ariz.
The Rosewood Apartments are a 152-unit garden-style apartment community located in the South Glendale submarket in close proximity to numerous dining and entertainment options, including the Westgate Sports and Entertainment District.
Built in 1984, Rosewood features 152 units in nine two-story buildings. Consisting of 96 one-bedroom/one-bathroom units, and 56 two-bedroom/two-bathroom units, the Rosewood Apartments include large closets, patio/balcony, and well-equipped kitchens.
ABI Multifamily’s Alon Shnitzer, Rue Bax, John Kobierowski, Eddie Chang and Doug Lazovick represented both the Buyer and Seller.
"Interestingly enough, I took this property out to market back in late 2007, early 2008,” Shnitzer said, “but the economic meltdown had just started, and we needed to pull the property. Eleven years later, the Phoenix apartment rental market is stronger than I have ever seen it, and buyer interest is also at an all-time peak."
He added, “Rosewood was a unique opportunity to acquire a ‘true’ value add, with the vast majority of the interiors and common area amenities in ‘classic’ condition. The Buyer plans to completely transform Rosewood to a thriving modern community. It will be really exciting to see all the changes they bring."
Both the Buyer and Seller are private investment firms based in California.
ABI Multifamily (http://www.abimultifamily.com/) is a brokerage and advisory services firm focused 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.