Institutional Property Advisors (IPA), a division of Marcus & Millichap,has finalized the sale of Glen 91, a 296-unit multifamily property in Glendale, Arizona. The asset was sold for $76.5 million, equating to $258,446 per unit.
Steve Gebing, IPA Executive Managing Director, highlighted the area’s strong growth: “The municipalities in the West Valley, including Glendale, have seen significant post-pandemic expansion and remain among the most sought-after suburban locations in the Valley. Glendale, in particular, has the second-highest concentration of renter households in the West Valley and is expected to continue growing steadily.”
Gebing and IPA Executive Managing Director Cliff David represented the seller, HCW, and facilitated the transaction with the buyer, Bridge Investment Group.
Glen 91 is conveniently located near the Westgate Entertainment District, which features State Farm Stadium, Desert Diamond Arena, and Tanger Outlets. The property’s proximity to Loop 101/Agua Fria Freeway provides residents with easy access to the Southwest Valley and Loop 303 employment corridors, which host major employers such as Amazon, PepsiCo, FedEx, Williams Sonoma, and REI. Nearby amenities include the Gateway Pavilions open-air shopping center, Banner Estrella Medical Center, and Gateway Crossing Shopping Center.
Completed in 2023, Glen 91 offers climate-controlled interior corridors, a resort-style swimming pool, a hammock garden, covered parking, and attached garages. The apartments feature nine-foot ceilings, laundry rooms with full-size washers and dryers, and walk-in closets with built-in shelving. The average unit size is 871 square feet.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
