Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Cantala, a 184-unit apartment property in Glendale, Arizona. The property sold for $51.6 million or $280,435 per unit.
“Built in 1986, Cantala is a garden-style apartment community strategically positioned in the heart of the northwest Valley,” said Steve Gebing, IPA executive managing director. “As well as offering an all-encompassing neighborhood setting, Cantala’s investment strengths lie with the nearby land scarcity and increasing development costs, providing consistent occupant interest and growth potential for the new owner as rental demand continues to expand in the area.” Gebing and Cliff David, IPA executive managing director, represented the seller, Investors Capital Group, and procured the buyer, Western Wealth Capital.
“The property benefits greatly from a robust commute shed, featuring over 230,000 employees across 8,500 businesses within a seven-mile radius, with the majority found within the area’s thriving Deer Valley and Interstate 17 employment corridors,” added David. “We have seen a tremendous influx of aerospace, finance, healthcare, and IT companies entering the area, providing more jobs and activity throughout the community.”
Cantala features a mix of one- and two-bedroom units with open-concept living areas, in-unit washers and dryers as well as private balconies and patios. Residents can utilize the property’s swimming pool, spa, fitness center, clubhouse and covered parking.