Bridge Investment Picks Up Glendale Rental Community
Monte Vista, a 208-unit multifamily property in Glendale, has sold for $25.5 million. According to Yardi Matrix information, Bridge Investment Group acquired the asset and took out a 3-year loan from Truist Bank. The community is now rebranded as Butler Ridge Apartments.
Institutional Property Advisors Cliff David and Steve Gebing, along with Marcus & Millichap Senior Managing Director Darrell Moffitt, brokered the deal.
The property is at 6767 W. Butler Drive, 2 miles from the city center. Downtown Phoenix is within 12 miles, while Phoenix Sky Harbor International Airport is 16 miles southeast.
Completed in 1985, the garden-style community encompasses 18 two- and three-story buildings spread across roughly 8 acres. The unit mix consists of one- and two-bedroom floorplans ranging from 687 to 887 square feet. Apartments also have private balconies or patios and walk-in closets.
Common-area amenities include a clubhouse, playground, swimming pool and spa with sundeck, as well as two laundry facilities.
Other News
Lincoln, McCourt Launch 344-Unit Culver City Mixed-Use
Lincoln Property Company and McCourt Partners have broken ground for ElevenOneEleven, a new mixed-use development in Culver City. The groundbreaking occurred three weeks after Lincoln and McCourt announced $133 million in construction financing from Bank OZK. Set to rise on a vacant parcel, ElevenOneEleven will deliver 344 rental apartments, including 52 affordable units, along with 2,000 square...
Learn more
Logisco Launches $60M Quebec Rental Project With New Brand
Logisco is stripping back the amenity race with a $60M Quebec City apartment development aimed at renters who would rather pay less each month than fund pools, gyms and other extras. The developer has started construction on 193 apartments at 7075 Wilfrid-Hamel Blvd., the first project under its new Elie rental brand. The 10-storey building...
Learn more
Virtus Buys Hamilton Retirement Residence For $26M
Virtus Diversified REIT has purchased a 91-suite retirement residence in Hamilton for $26M, expanding its seniors housing portfolio. The acquisition of Abington Court Retirement Residence at 1500 Main St. E. closed Nov. 3. The independent living property opened in 2005 and added 20 suites in a 2018 expansion. Located west of the Red Hill Valley...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout