Phoenix - CBRE has arranged the $13.3 sale of Orange Creek Apartments in Glendale, Ariz. Bear Holdings Group, LLC acquired the 142-unit garden-style apartment community from Warranty Property Management, LLC.
Brian Smuckler, Jeff Seaman and Bryson Fricke with CBRE in Phoenix represented the buyer and seller in the transaction.
Built in 1985, the property is comprised of studio, one- and two-bedroom floorplans that average 727 square feet and feature fully-appointed kitchens with full-size electric appliances. Exterior amenities include a resort-style swimming pool and spa, covered parking and a clubhouse.
Located at 8546 North 59th Ave., just north of Northern Avenue, the property is situated in a desirable Glendale area with improving submarket fundamentals. In the third quarter of 2018, the submarket rents averaged $1.10 and have increased 8 percent year over year, according to CBRE research. The average submarket vacancy has decreased by 17 basis points during the same period.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
