JLL Capital Markets announced that it has completed the sale of Parkway Apartments, a 36-unit garden-style multifamily community in Phoenix, Arizona, for $4.5 million.
JLL represented the seller and procured the buyer in this transaction. The seller was a partnership between Dorn Properties and Far Western Properties, and the buyer was Parkway Apartments LLC. Notably, the listing team also facilitated the previous sale of this property to the sellers nearly 20 years ago.
At $4.5 million, the transaction represents approximately $125,000 per unit and $132 per square foot, reflecting an attractive basis for the Phoenix multifamily market.
Parkway Apartments is located at 5407 W Glenrosa Avenue in West Phoenix’s Maryvale neighborhood. The community consists of 97% two-bedroom/one-bathroom units averaging 947 square feet and one one-bedroom/one-bathroom unit of 700 square feet. All units are individually metered for electricity and feature large private front patios.
“The property represents a rare value-add opportunity, as 100% of the units maintain classic finishes and have not undergone significant renovations. Comparable renovated properties in the area achieve rent premiums of up to $400 per month, providing substantial upside potential for the new owner,” said Smuckler.
Parkway Apartments offers residents exceptional connectivity, located 1.5 miles from US-60 and within five miles of the I-10 and I-17 interchange. The property provides access to over 953,000 square feet of retail within one mile, including a discount grocery supercenter, Planet Fitness and American Family Fields of Phoenix, the spring training home of the Milwaukee Brewers.
JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Senior Managing Director Brian Smuckler and Senior Director Derek Smigiel.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
