Glendale apartment complex sells for $28 million

Special to Independent Newsmedia

Institutional Property Advisors, a division of Marcus & Millichap, announced the sale and financing of Country Gables, a 139-unit, boutique apartment in Glendale.

The property sold for $28 million, or $201,439 per unit.

“Country Gables retains a lasting competitive advantage within north Glendale, where the combination of land scarcity and high development costs have significantly deterred multifamily construction,” Cliff David, IPA executive managing director, shared in a news release.

“There have only been two market-rate multifamily properties of 100 or more units completed within a 3-mile radius of Country Gables since 2010, with just one additional project currently under construction, adjoining the contributing factors to the asset’s potential, and enduring multifamily fundamentals within this location.”

David and IPA executive managing director Steve Gebing represented the seller, Western Wealth Capital and procured the buyer, Dalan Management.

Brian Eisendrath, Cameron Chalfant, Jake Vitta, and Tyler Johnson of IPA Capital Markets’ arranged acquisition financing.

The property is close to the Bell Road Retail Corridor, P83 Entertainment District, Arrowhead Towne Center, and Loop 101/Agua Fria Freeway, which connects residents to employment corridors throughout the Valley.

Country Gables was completed in 1984.