Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Maryland West, a 100-unit apartment property in Glendale, Arizona. The $26.5 million sales price equates to $265,000 per unit.
“Maryland West’s oversized apartment homes, comprised of 90 percent two- and three-bedroom units, low-density site plan, and the absence of broad-based renovation history make it an excellent candidate for a value-add strategy supported by the Phoenix metro’s rapid pace of household formation and expanding job economy,” said Cliff David, IPA executive managing director. David and Steve Gebing, IPA executive managing director, represented the seller, CRSC Residential Inc., and procured the buyer, Silver Star Real Estate.
Maryland West was built in 1970 on less than five acres near 43rd Ave. and Glendale Ave. with frontage along McLellan Road. The Interstate 17 Employment Corridor is in close proximity, coupled with additional employment opportunities located throughout nearby Midtown and Downtown Phoenix. The area’s healthcare industry maintains a strong presence near the property with 30,700 medical professionals within a seven-mile radius. Grand Canyon University, as well as shopping and entertainment at the Westgate Entertainment District are a short distance away.
Residents of Maryland West have access to a community laundry facility, basketball court, playground and covered parking. The average apartment size is 807 square feet.