ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $42,000,000 / $152,174 Per Unit / $233.50 Per SF sale of Solano Pointe Apartments, a 276-unit multifamily apartment property located in Glendale, Arizona. ABI Multifamily’s Phoenix-based Institutional Apartment Group – Alon Shnitzer, Rue Bax, Eddie Chang, and Doug Lazovick represented the buyer and seller in this transaction.
Solano Pointe is a 276-unit garden-style apartment community in located in the South Glendale submarket of Glendale, AZ. Residents enjoy direct access to all areas of the Phoenix Valley by way of the nearby Black Canyon Freeway (Interstate-17), the Agua Fria Freeway (Loop 101), Grand Avenue (Highway 60), Papago Freeway (Interstate-10), and the newly constructed extension of the South Mountain Freeway (Loop 202). In addition, 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.
Built in 1983, Solano Pointe features 276 units in 18 rental buildings constructed of wood frame and stucco with flat roofs resting on a 10.11-acre site. The unit mix consists of 68 studio units, 168 one-bedroom / one-bath units, 16 two-bedroom / one-bath units, and 24 two-bedroom / two-bath units with a weighted average of 652 square feet. The property is individually metered for electricity and each unit has its own individual hot water and HVAC. Units feature air conditioning, private patio / balcony (select units), large and/or walk-in closets, and all-electric kitchens equipped with garbage disposals, refrigerator, range, hood, and breakfast bar. This gated community also provides its residents with three swimming pools, a dedicated leasing office, three laundry facilities, new poolside BBQ grill areas, and children’s playground area.
Significant employers in proximity to the property include the Medical Technology Corridor (encompassing the Banner University Thunderbird Medical Center, Arrowhead Hospital, St. Joseph’s Westgate), Kenyon Plastering Inc, Empire Power Systems, Swift Transportation Co, retail centers such as the Westgate Sports and Entertainment District and Desert Sky Mall, in addition to educational institutions including Grand Canyon University, Arizona State University West Campus, Arizona Christian University, and the Glendale Community College network. Furthermore, across the I-10 to the south of the property are numerous distribution hubs for major companies which include: Amazon, O’Reilly Auto Parts, UPS, Target, Autozone, Winco, GAP and DHL.
The buyer, Tower 16 Capital Partners, is based in California.
The seller is based in Arizona.