The Villas at 79th Ave

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Address: 7878 W. Glendale Ave
Created date: December 7, 2023
Date last updated: December 7, 2023

Property Description

  • 9.6-Acre land site that is primed to develop 149 two-story townhome units with attached garages located in the Phoenix MSA
  • Site Plan and Zoning are approved by the city
  • Pending Plat Approval: scheduled to be approved by end of 2023
  • Approved to build 3BD/2.5BA townhomes with an average livable square footage of 1,480 and 431 square foot two-car attached garages: 1,911 square feet total
  • Zoned R-4 which allows for multifamily residential
  • Densely populated area with over 440,000 people within a five-mile radius of site, creating a strong demand for multifamily housing
  • The high barriers to entry to purchase a home is creating a significant demand for affordable housing and specifically the Build-to-Rent product, where renters can feel like they are in the space of a house without a long-term commitment
  • Build-to-Rent assets continue to outperform traditional multifamily housing in both revenue growth and operating costs
  • Tremendous frontage on Glendale Avenue with over 28,000 vehicles passing by per day
  • Within a five-mile radius of over 87,000 jobs with major employers including Peoria Unified School District, home to some of the most highly accredited public schools in the state of Arizona
  • Within 2 miles of one of the most vibrant entertainment districts in the greater Phoenix MSA: proximate to the Westgate Entertainment District, State Farm Stadium, Desert Diamond Arena, Top Golf, the Tanger Outlets, and Desert Diamond Casino
  • The area draws a significant amount of tourism every year and has a tremendous economic impact to the immediate area
  • The site is situated near major new developments that are projected to bring thousands of new jobs to the area including VAI Resorts, a 630-room hotel, 11-acre lagoon, office, and retail space that will be spread across 48 acres and the 144-acre industrial campus being built near Litchfield and Bethany Home roads which will include 7 buildings varying in size from 85,000 to 309,000 square feet

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Multifamily type: Land/Development
No. of Units: 149
Building Size: 220,520 Sq ft
Lot Size: 9.60 Acres
Opportunity Zone: No
Address: 7878 W. Glendale Ave, Glendale, Arizona, US

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